China has agreed to buy 12 million metric tons of U.S. soybeans during the current season through January, down from 22.5 million tons a year earlier, U.S. Treasury Secretary Scott Bessent said Thursday. The decline follows months of trade tension that temporarily halted purchases of the latest U.S. harvest.

Under a broader trade agreement reached after a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea, Beijing also pledged to buy 25 million tons of soybeans annually over the next three years, Bessent said.