China has committed to buying at least $17 billion worth of US agricultural products every year through 2028, locking in a multi-year purchasing floor that represents one of the more concrete outcomes of recent trade negotiations between the world’s two largest economies.
What the deal actually looks like
The agreement establishes a $17 billion annual minimum for Chinese purchases of American agricultural goods. That covers the usual suspects: soybeans, corn, sorghum, pork, cotton, animal feed, and dairy products.
That $17 billion figure sounds impressive in isolation, but it’s actually a significant step down from previous ambitions. The Phase One trade deal, signed in January 2020, set targets closer to $30 billion in annual agricultural purchases. China never came close to hitting those numbers, despite importing substantial quantities of US farm products throughout the period.
The multi-year timeline through 2028 is notable because it extends well beyond typical political cycles in both countries.
