President Donald Trump has successfully brokered a major agricultural agreement with China. The deal, announced on Sunday, commits China to purchasing at least $17 billion in U.S. agricultural products annually until 2028.

US-China Agreement

According to a White House fact sheet, the announcement followed a two-day summit in China, marking the first visit by a U.S. president to the country in nearly a decade.

The Chinese Ministry of Commerce had earlier indicated that both nations would implement measures such as reducing tariffs on specific goods. However, the White House release did not disclose details on tariffs.

Agreement Includes Preventing Iran From Obtaining Nuclear Weapons

During the summit, both leaders expressed optimism about U.S.-China relations.

The fact sheet also mentioned agreements on preventing Iran from obtaining nuclear weapons, reopening the Strait of Hormuz, and ensuring no entity can impose tolls, highlighting a collaborative approach to international issues.

Kevin O'Leary Highlights Uneven Business Environment In China

The agreement comes amid rising trade tensions between the U.S. and China. Investor Kevin O'Leary recently highlighted concerns about the uneven business environment in China, noting that American companies face unfair conditions. Despite these challenges, China remains a crucial market due to its size and economic influence.

Additionally, President Trump has been vocal about potential increases in Boeing Co. (BA) jet orders from China, suggesting that if China performs well, orders could rise significantly. A Boeing spokesperson expressed optimism about future commitments, indicating the potential for growth in the aerospace sector.

President Trump addressed comments by Chinese President Xi Jinping about the U.S. being a “declining nation,” attributing the decline to the Biden administration. Trump emphasized the resurgence of the U.S. under his leadership, highlighting the ongoing geopolitical dynamics between the two nations.