PEORIA (25News Now) – Illinois soybean farmers are cautiously hopeful after US President Donald Trump and Chinese President Xi Jinping reached a consensus on soybean tariffs on Wednesday.
Trump and Xi met in South Korea in an attempt to reach a short-term agreement on rare earth minerals, soybean purchases and fentanyl precursors. The renewed trade commitment could offer long-awaited relief for Illinois farmers, who have faced a shrinking market since the trade war between both countries.
China is set to immediately purchase over 12 million metric tons of soybeans and other agricultural products from the US, and 25 million tons annually over the next three years. This is down from the yearly 22.5 tons China usually buys.
Soybeans are one of the important trading imports between China and the US. China is typically the largest buyer of US soybeans.
Illinois exported more than $4.5 billion in 2023 alone, much of it in the Asia and surrounding regions, making it the nation’s #1 soybean producer, the country’s 3rd largest agricultural exporting state and shipping $11.9 billion in domestic agricultural exports abroad.
“… Illinois soybean farmers have been closely following conversations around renewed trade relationships and future market stability with China,” said Bryan Severs, chairman of the Illinois Soybean Association, in a press release.
“We remain cautiously optimistic about the progress represented by this new agreement and multi-year purchase commitment from China,” he continued.
Gov. JB Pritzker announced an executive order on Wednesday declaring an agricultural export crisis in response to Trump’s tariffs, claiming it was hurting Illinois’ $26.3 billion agricultural sector.
“While the Trump Administration turns its back on American agriculture, Illinois will stand with our farmers — opening markets where we can, advocating for change where we must, and fighting every day to ensure that Illinois agriculture emerges from this crisis stronger than ever,” he said.
President Trump will be visiting China to finalize and agreement. For Illinois growers, the next few months will show whether renewed diplomacy brings lasting gains.
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