China Reaches US Soybean Target Set in Trade Truce

China has imported enough soybeans from the U.S. to meet what the U.S. required Beijing to fulfill. Here's what Treasury Secretary Scott Besant had to say. I had a meeting with my Chinese counterpart here in Davos last night, Vice Premier Hu Li Feng. He told me that just this week they have completed their soybean purchases and we're looking forward to next year's 25 million tons. China has now imported around 12 million metric tons of soybeans from America, meeting a pledge that Beijing had promised to fulfill by the end of February. The pledge was made when a trade truce between the U.S. and China was reached in October. Buying American soybeans and meeting the goal hasn't been smooth sailing. In fact, China went four straight months starting last September without importing any soybeans from the United States. Three traders told Reuters that two Chinese state-run companies saved the pledge last week by purchasing a large amount of soybeans to meet the goal. At the same time, private Chinese buyers are still turning to cheaper supplies from South America.