White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts

• China committed to buying $17 billion in U.S. agricultural goods yearly through 2028, exceeding previous October 2025 commitments, though China's official statement did not specify amounts or mention soybeans directly
• The U.S. readout highlighted China addressing rare earth shortages (yttrium, scandium, neodymium, indium) - critical for smartphones, cars, and weapons - while China's statement made no mention of rare earths
• China agreed to purchase 200 Boeing airplanes and emphasized tariff reductions in its readout, while the U.S. did not mention tariff cuts in its statement

Summary: Trump-Xi Summit Yields Trade Agreements on Agriculture, Rare Earths, and Aircraft

Following a two-day summit in Beijing last week between U.S. President Trump and Chinese President Xi, the White House announced several concrete trade agreements, though readouts from both nations emphasized different priorities.

Key Agreements

Agriculture: China committed to purchasing at least $17 billion annually in U.S. agricultural products through 2028, building on October 2025 commitments. The U.S. specifically highlighted soybean purchases, while China's readout didn't mention soybeans by name but confirmed resumed sales of U.S. beef and poultry.

Rare Earths: The U.S. stated China will address critical mineral shortages—specifically yttrium, scandium, neodymium, and indium. However, China's official statement made no mention of rare earths, which Beijing currently dominates in global supply chains for smartphones, cars, and weapons systems.

Aircraft: The U.S. specified China's commitment to purchase 200 Boeing airplanes. China acknowledged the deal broadly and noted U.S. assurances on supplying engines and parts.

Market Implications

Both countries agreed to establish trade and investment boards for ongoing bilateral discussions. China emphasized tariff reductions as part of future plans, though the U.S. readout omitted mention of duties.

Analysts view the summit as "underwhelming" with only incremental improvements expected. Jacob Shapiro of The Bespoke Group suggests China is making short-term concessions while anticipating a harder U.S. stance post-Trump, indicating tactical rather than strategic cooperation.

The two leaders agreed to meet again in the U.S. in September.