White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts
- China will buy $17 billion of U.S. agricultural products each year through 2028, the White House said.
- The U.S. readout also mentioned access to rare earths, while China's did not.
- The two sides emphasized different issues and some specifics came from either the U.S. or China but weren't immediately confirmed by the other.
BEIJING — China has agreed to buy U.S. soybeans and address American access to rare earths, the White House said Sunday, touting some of the most tangible outcomes so far from a high-profile bilateral summit last week.
U.S. President Donald Trump on Friday concluded two days of meetings in Beijing with Chinese President Xi Jinping. The two leaders have also agreed to meet in the U.S. in September.
China will buy at least $17 billion of U.S. agricultural goods annually through 2028, the White House said, noting it would be "in addition to the soybean purchase commitments that it made in October 2025."
After a Trump-Xi meeting in South Korea last fall, the U.S. said China agreed to buy at least 25 million metric tons of American soybeans in each of the following three years.
However, this weekend's readout did not specify an amount, while stating China is once again allowing sales of U.S. beef and poultry. China's Commerce Ministry also did not specify an amount or name soybeans, while noting both countries agreed to promote agricultural trade.
The Chinese statement also did not mention rare earths, while the U.S. said China would address rare earth shortages — particularly of yttrium, scandium, neodymium and indium. Beijing controls the supply chain for many obscure minerals that are critical components of smartphones, cars and weapons.
The summit itself was "underwhelming," but U.S.-China relations will likely improve "incrementally" as long as Trump is president, Jacob Shapiro, strategic partner and geopolitical advisor at The Bespoke Group, said Monday on CNBC's "Squawk Box Asia."
"After you get past Trump, I don't see that Trump is passing the baton to anyone in the United States who is [interested in] meaningfully improving ties with China," he said. Shapiro said that means Beijing will "say what they need to say to make things nice for the next couple of years," while preparing for the next U.S. president who will likely take a harsher stance on China.
The U.S. and Chinese readouts both noted agreements to establish boards of trade and investment to facilitate bilateral discussions in those areas.
China indicated reducing tariffs would be part of the plans, but the U.S. did not mention duties.
The U.S. specified Chinese plans to buy 200 Boeing airplanes, while Beijing broadly noted the aircraft purchase agreement and said the U.S. would ensure supply of engines and other parts. China has developed its own passenger airplane, which still relies on foreign-made parts.