(MENAFN- Live Mint) United States President Donald Trump said on Thursday, October 30, that China will purchase“tremendous” amounts of soybeans from America following a meeting with President Xi Jinping in South Korea to hammer out a wide-ranging trade deal with his counterpart.

Donald Trump told reporters that China would begin buying immediately, though he offered no specifics on the size of the soybean purchases or timing.“China will start buying immediately,” Trump said.

The Chinese commerce ministry later said that the two countries had agreed to expand agricultural trade, without making a specific reference to soybeans.

Following his meeting with Xi Jinping, Donald Trump said,“I had a truly great meeting with President Xi of China. There is enormous respect between our two Countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to resolved.”

Speaking about China's purchase of soybeans, the US president said,“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.”

Amid ongoing trade tensions with the United States, China had suspended purchases of American soybeans.

US Secretary Scott Bessent said he expected China to make“substantial” purchases of US supplies.

Just days ahead of the summit, Beijing resumed buying US soybeans for the first time in months – though the purchases were only a fraction of last year's $12 billion trade. Also Read | Trump, Xi heap praise at US-China meet in South Korea: 'Fantastic relationship, tough negotiator' - key highlights

Few days after Donald trump assumed power, China announced extra tariffs on soybeans and other agricultural products, in retaliation against additional punitive fentanyl-linked duties imposed by Washington.

The Xi-Trump meeting to hammer out differences

China announced that the U.S. would roll back the additional 10% tariff on Chinese goods. China, in turn, would adjust its own countermeasures.

The US president said in a post on Truth Social that China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc.,“openly and freely.”

Donald trump also said that China will work“diligently with the US to stop the flow of Fentanyl” into America.

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, Trump said.

(With agency inputs)

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