MADRID, SPAIN (RFD-TV) — U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative officials are meeting this week with Chinese Vice Premier He Lifeng in Madrid — with tariffs, export controls, and TikTok on the agenda.
China has sharply reduced purchases of American crops, and reports from the U.S. Department of Agriculture (USDA) show no new soybean bookings from China for 2025/26. This follows Beijing’s recent approval of Brazilian sorghum imports and suspension of U.S. shipments, citing quality issues.
The Treasury signaled over the weekend that the current tariff truce will hold until at least November 10, which could give farmers a brief window of stability. However, China has pulled back on U.S. crops, turning to Brazil and Argentina instead for soybeans and sorghum.
For U.S. agriculture, the stakes are high. Farm groups are pressing negotiators to secure firm commitments for Chinese buying, warning that without access to this top market, U.S. producers face lower prices and growing competition.
The phone call injected optimism into the soybean market, but actual Chinese buying and its timing will ultimately determine the extent of U.S. agricultural export benefits.
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