US-China Announce Trade Deals After Trump-Xi Summit Including Soybeans, Rare Earths
Following their May 14-15 Beijing summit, the Trump and Xi administrations announced new bilateral trade agreements including Chinese purchases of $17 billion annually in U.S. agricultural products and China's commitment to address rare earth shortages critical for tech and defense.
Key Announcements
Agricultural Commitments: China agreed to purchase at least $17 billion per year of U.S. agricultural products in 2026-2028, expanding beyond previous soybean commitments. China also restored market access for U.S. beef by renewing over 400 beef facility listings and resumed poultry imports.
Rare Earths Agreement: The U.S. announced China would address critical rare earth shortages—particularly yttrium, scandium, neodymium and indium—minerals essential for smartphones, cars, and weapons systems.
Boeing Aircraft: China specified plans to purchase 200 Boeing airplanes, though the White House's weekend readout did not repeat earlier claims of a $1 trillion goods purchase.
New Trade Bodies: Both nations established the U.S.-China Board of Trade and Board of Investment to facilitate ongoing economic discussions.
Differences in Messaging: While the U.S. emphasized trade deal wins, Beijing's readout highlighted warnings to Washington over Taiwan and opposition to the Iran war, with limited overlap between official statements from both sides.