US says China to buy billions in agricultural goods after Trump-Xi talks | Business and Economy News
China to Purchase $17 Billion in U.S. Agricultural Goods Annually
May 18, 2026
China will commit to purchasing at least $17 billion worth of agricultural goods from the United States each year, according to a statement released by the White House following a summit between President Donald Trump and Chinese leader Xi Jinping in Beijing.
This agreement, which will extend through 2028, includes a proportionate target for the remainder of 2026, based on a fact sheet issued on Sunday. The deal builds upon China’s previous pledge to acquire a minimum of 87 million metric tons of U.S. soybeans, a commitment made during a summit in South Korea last October.
Additionally, under the new agreement, China plans to restore market access for U.S. beef by renewing listings for over 400 production facilities. It will also resume poultry imports from states designated by the U.S. Department of Agriculture as free from avian influenza.
In a significant development, Trump and Xi announced the establishment of two new bodies aimed at enhancing trade and investment relations—the U.S.-China Board of Trade and the U.S.-China Board of Investment.
As of now, the Chinese government has not confirmed the details of the agreement, and the Chinese Embassy in Washington, D.C., did not respond to a request for comment.
The announcement follows a two-day summit that focused on economic alignment while largely avoiding the contentious topics of Taiwan and U.S.-Israeli relations concerning Iran. After their discussions, the White House emphasized the importance of maintaining open waterways in the Strait of Hormuz and reiterated that Iran should not develop nuclear weapons. Beijing, while not explicitly aligning with this stance, called for a negotiated solution to the Iranian nuclear issue that considers the concerns of all parties involved.
Notably, the White House did not address Taiwan, an island that Beijing considers an essential part of its territory. This omission is significant, as it follows Xi’s warning of potential conflicts between the U.S. and China should the Taiwan issue not be managed carefully.
Deborah Elms, head of trade policy at the Hinrich Foundation, advised caution regarding the U.S. announcement until confirmed by China. She expressed skepticism about the agricultural purchase figures, suggesting they would provide only a minor boost to the U.S. economy, which is valued at $30 trillion.
“We have seen significant declines in U.S.-Chinese trade,” she noted, highlighting that bilateral trade in goods dropped from over $690 billion in 2022 to approximately $415 billion last year.
As both nations continue to navigate complex trade relationships, this latest agreement marks an ongoing effort to enhance economic cooperation amid larger geopolitical challenges.
