White House unveils US-China agriculture pact after fresh trade talks

The statement marked Beijing’s first public confirmation of a trade agreement between the two sides following a two-day summit meeting in Beijing between Trump and Chinese leader Xi Jinping.

Market watchers expect a 10 per cent cut in soybean tariffs, which could allow private Chinese crushers to resume purchases that were largely sidelined during last year's US harvest, when state crop traders were the only buyers.

The nations also agreed to tackle non-tariff barriers and issues impeding trade like market access, Reuters reported.

China and the United States will also establish trade and investment councils to address their respective concerns in trade and investment cooperation.