After US President Donald Trump and Chinese President Xi Jinping shook hands in Busan last month, the headlines highlighted smiles and tariff rollbacks. Washington hailed it as a “massive victory”, saying China had pledged to buy 12 million tonnes of American soybeans by January and at least 25 million tonnes annually for the next three years. Futures on the Chicago Board of Trade surged and farmers in the US Midwest cheered.
US Treasury Secretary Scott Bessent declared that “our great soybean…
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