• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision

2

AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons

3

The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'

1

Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision

2

AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons

3

The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
North AmericaWhite House
Asia

Trump says China agreed to buy $17 billion of American beef per year

By
Didi Tang
Didi Tang
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Didi Tang
Didi Tang
and
The Associated Press
The Associated Press
Down Arrow Button Icon
May 18, 2026, 10:25 AM ET
trump
President Donald Trump with China's President Xi Jinping during a visit to Zhongnanhai Garden in Beijing on May 15, 2026. Evan Vucci / POOL / AFP via Getty Images

China has agreed to ramp up trade for U.S. agricultural products such as beef and poultry, buying at an annualized rate of $17 billion per year for 2026 and at that level for 2027 and 2028, the White House announced Sunday, two days after President Donald Trump returned from a high-stakes summit in Beijing where he sought to ease the impact on American farmers from the trade war he launched last year.

Recommended Video

China would restore market access for U.S. beef and resume imports of poultry from U.S. states determined by the U.S. Department of Agriculture to be free of the bird flu, the White House said. The deals are on top of China’s soybean purchase commitments last year.

The agreements offer some hope to American farmers harmed by the trade war as they saw a major export market for soybeans and other products dry up. Farmers also are feeling new pressure from Trump administration policies — the war that the U.S. and Israel launched against Iran has curtailed shipping through the Strait of Hormuz, a vital trade corridor that has restricted global fertilizer supplies and sent those prices soaring.

There was no immediate confirmation of the terms from Beijing.

China’s Ministry of Commerce on Saturday said the two sides would “resolve or make substantial progress toward resolving certain non-tariff barriers and market access issues” regarding agricultural goods.

The U.S. would “actively work” to address China’s concerns regarding detention of its dairy products, seafood, the export of potted bonsai, and the recognition of Shandong province as a bird-flu-free zone, while the Chinese side will “likewise actively work” to address U.S. concerns regarding the registration of beef processing facilities and the export of poultry meat from certain states to China, a ministry spokesperson said.

The two sides also agreed to expand trade, including that of farm goods, through measures such as reciprocal tariff reductions on “a specific range of products,” though the spokesperson did not specify the products.

China, recognizing the link between food security and national security, has diversified its sources of imported soybeans, beef and other farm goods, turning increasingly to Brazil, Argentina and other countries over the U.S.

China sharply cut back US imports during the trade war

Data from the U.S. Department of Agriculture show China’s imports of U.S. agricultural goods peaked in 2022 with $38 billion but fell to $8 billion in 2025. These figures include nearly $18 billion in soybean purchases in 2022 and $3 billion in 2025.

It’s not immediately clear how much more China would buy from American soybean farmers, who were hit especially hard in the trade war. China, traditionally the largest foreign buyer of American soybeans, stopped purchasing them altogether last year after Trump hiked tariffs on Chinese goods.

The latest agreement builds on a trade truce Trump reached with Chinese President Xi Jinping in October in which China agreed to resume buying U.S. soybeans. The White House said then that China committed to buying 12 million metric tons in the current marketing year and 25 million metric tons for each of the next three years.

According to the White House, hundreds of U.S. beef plants, including those run by Tyson and Cargill, also will be able to export again to China, though it’s not immediately clear how much beef American businesses will be selling to China.

China let licenses for hundreds of U.S. beef plants expire last year, and the import value for 2025 fell to less than $500 million, according to USDA figures. China’s purchases of U.S. beef had peaked at $2.14 billion in 2022, the government data shows.

The U.S. export of poultry meats and products to China was $286 million in 2025, down from more than $1 billion in 2022.

Trump and Xi used summit to find areas of economic cooperation

During the summit last week, Trump and Xi discussed ways to enhance economic cooperation, including expanding market access for American businesses in China and increasing Chinese investment into U.S. industries, the White House had said. The two leaders agreed to set up separate boards of trade and investment — though offered few details on the proposals or how they would differ from existing trade dialogues.

The Board of Trade will allow the two governments to manage trade of “non-sensitive goods,” and the Board of Investments would provide a venue for the two sides to discuss investment-related issues, according to the White House.

China’s Ministry of Commerce said the two bodies would address respective concerns regarding trade and investment. The Board of Trade, the ministry spokesperson said, would allow the two sides to discuss issues such as tariff reductions on specific products. “In principle, the two sides agreed to reduce tariff on products of respective concern at equivalent scale,” the spokesperson said.

Xi said last week that China’s door of opportunity will open wider when he met with U.S. business leaders joining Trump on the trip. Among those who traveled to Beijing was Brian Sikes, CEO of the agricultural giant Cargill.

Soybeans, which are used for livestock feed and biofuels in China, are among the top U.S. agricultural exports. Soybean exports to China in the past had accounted for about half of U.S. exports of agricultural goods to the Asian nation.

USDA data shows the U.S. exported 10.9 million metric tons of soybeans to China as of May 7, putting China on track to fulfill its previous commitment by the end of the marketing year on Aug. 31. This is well below the 25 million to 30 million metric tons that China purchased in past years.

Before Trump’s initial planned trip to Beijing in late March — which was postponed by the Iran war — the American Soybean Association urged him to prioritize soybeans in the trade talks with Xi.

Scott Metzger, president of the association, said Thursday the group would like to see “additional soybean purchases this marketing year, as well as continued progress toward fulfilling future purchase commitments.”

“Greater certainty and consistency in the marketplace help provide farmers with the confidence they need as they make decisions for the year ahead,” he said.

___

AP journalist Kevin Vineys contributed to this report.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Authors
By Didi Tang
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in North America

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in North America

Repair Cafes, the Buy Nothing Project and tool libraries are part of an anticonsumerism trend rejecting mass-produced disposable goods
EconomyConsumer Spending
Repair Cafes, the Buy Nothing Project and tool libraries are part of an anticonsumerism trend rejecting mass-produced disposable goods
By Michael Weissenstein and The Associated PressJune 7, 2026
2 hours ago
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
Retailgas prices
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
By Anne D'Innocenzio and The Associated PressJune 7, 2026
3 hours ago
zohran
Arts & EntertainmentDonald Trump
Zohran on Trump becoming first sitting president at the NBA Finals: ‘We’re excited to welcome anyone and everyone who’s rooting for the Knicks’
By Michael R. Sisak and The Associated PressJune 7, 2026
3 hours ago
250
Commentary250 Years of Innovation
America turns 250. Its greatest innovation was never a product — it was a system that let anyone build one
By Keith KrachJune 7, 2026
6 hours ago
Allison Sheehan
SuccessJobs
This Gen Zer got reprimanded at Goldman for making cake videos as the ‘Investment Baker.’ She quit her job and is building a dessert empire
By Emma BurleighJune 7, 2026
6 hours ago
Illinois joins Ohio in ordering pause on data center tax credits
PoliticsData centers
Illinois joins Ohio in ordering pause on data center tax credits
By Yash Roy and BloombergJune 6, 2026
18 hours ago

Most Popular

Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
Real Estate
Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
By Sydney LakeJune 6, 2026
1 day ago
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
AI
AI CEOs from OpenAI, Anthropic, and Microsoft set aside their rivalry to warn Congress AI is making it too easy to design and create bioweapons
By Marco Quiroz-GutierrezJune 5, 2026
2 days ago
The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
Energy
The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides 'naval overwatch'
By Jason MaJune 6, 2026
15 hours ago
I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
Commentary
I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
By Lindsey HarnJune 6, 2026
1 day ago
Here's where U.S. debt may become unsustainable with interest payments triggering a default crisis that even steep tax hikes can't fix
Economy
Here's where U.S. debt may become unsustainable with interest payments triggering a default crisis that even steep tax hikes can't fix
By Jason MaJune 6, 2026
18 hours ago
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
6 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.