US-China summit may revisit agriculture, energy and rare earths trade

  • President Donald Trump is due to discuss trade with Xi Jinping in Washington next week.
  • US agricultural exports to China reached $29 billion in 2024, led by soybeans.
  • China’s rare earth exports to the US have increased, but access problems remain.

Agriculture, energy, sanctions and rare earths are likely to feature when President Donald Trump hosts Xi Jinping in Washington next week, as the United States and China seek progress in their trade dispute. US agricultural exports to China reached $29 billion in 2024, with soybeans at the center of negotiations. China has committed to buying 25 million metric tons of US soybeans annually through 2028, while US officials say Beijing also agreed to purchase an additional $17 billion in agricultural products. China has not publicly acknowledged those commitments, and meeting the broader target may require exemptions from a remaining 10% tariff. Energy trade could also be included in a proposed $30 billion package of reciprocal tariff reductions, potentially reviving US oil and gas shipments. Chinese LNG (liquefied natural gas) buyers have continued honoring long-term contracts but have resold cargoes after purchase. Washington has also discussed sanctions relief while increasing pressure on banks financing Iranian trade. Rare earths (strategic minerals used in advanced manufacturing) remain unresolved despite increased Chinese shipments, with US aerospace and chipmaking companies still reporting access difficulties.

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