Last week, Donald Trump of the U.S. and Xi (ZHEE) Jinping of China reached a trade and economic deal designed to ease tensions between the two countries. Of particular interest to U.S. farmers, China agrees to suspend all retaliatory tariffs that it has announced since March 4, 2025. This includes tariffs on many American exports, including chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, fruits, vegetables, and dairy products. China agreed to purchase at least 12 million metric tons of U.S. soybeans this year, and at least 25 million metric tons of soybeans in 2026, 2027, and 2028. The U.S. will further extend the expiration date for certain Section 301 tariff exclusions, currently due to expire on November 29, 2025, until November 10, 2026. China will suspend the global implementation of the new export controls on rare earths and related measures it announced on October 9, 2025.
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