Soon after a meeting between Chinese President Xi Jinping and President Donald Trump concluded, Treasury Secretary Scott Bessent told FOX Business’ Maria Bartiromo that China has agreed to purchase millions of metric tons of U.S. soybeans in the coming years.

During an appearance on “Mornings with Maria,” Bessent said China agreed to purchase 12 million metric tons of the crop “during this season,” which he indicated is “between now and … should be January.” Followed by at least 25 million tons annually in the years ahead.

President Donald Trump also issued a lengthy Truth Social post in which he described his meeting with China’s president as “truly great.”

“I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy!” the President wrote in his post. 

“Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely. Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country,” he noted. 

“China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out,” Trump stated in the post.

Trump and Xi met for two hours in South Korea, a meeting the Trump termed “friendly” and a “12 out of 10” rating.

Tennessee is a major soybean producer, with over 1.8 million acres planted in 2024 and a production of about 76 million bushels annually. The state’s top-producing counties are Dyer, Gibson, and Haywood in West Tennessee. Soybeans are Tennessee’s most prominent row crop, generating over $990 million each year. Many countries in Asia have restricted the export of US soybeans to their countries which helped precipitate the tariffs that President Trump imposed upon them. The deal with China, along with those with other Asian nations, should produce positive export opportunities for Tennessee farmers almost immediately.

Steve Gill is the editor and publisher of TriStar Daily. He also teaches International Business on the adjunct faculty at Belmont University in Nashville.