PARIS - U.S. and Chinese economic officials held "remarkably stable" talks on March 15 in Paris, discussing expanded Chinese purchases of American agricultural products and new frameworks to manage bilateral trade, according to sources familiar with the negotiations. The discussions, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, could shape proposals for a late-March summit between President Donald Trump and President Xi Jinping - a meeting that could significantly influence global commodity markets and U.S. farm exports.

The talks, held at the headquarters of the Organisation for Economic Co-operation and Development (OECD), focused on identifying areas where the two largest economies could stabilize trade relations and reduce tensions that have weighed on agricultural supply chains and commodity prices.

Sources described the discussions as "candid and constructive," signaling a potential thaw in economic relations that could translate into stronger demand for U.S. agricultural exports - a key priority for American producers and agribusiness groups.

One of the clearest signals for the agricultural sector was China's openness to increasing purchases of U.S. farm goods, including poultry, beef and non-soybean row crops. China is already one of the most important export markets for American agriculture. According to sources close to the negotiations, Beijing reaffirmed its commitment to purchasing about 25 million metric tons of U.S. soybeans annually over the next three years, a baseline that supports U.S. soybean growers and helps stabilize global oilseed markets.

Beyond soybeans, expanded purchases of other commodities could diversify export demand and help offset volatility tied to weather, currency fluctuations and shifting trade policies. For U.S. producers facing rising input costs, tighter margins and uncertainty over the next farm bill, stronger Chinese demand could help sustain commodity prices and export volumes.

Negotiators also discussed the creation of new formal mechanisms to manage trade and investment flows between the two economies. Among the proposals under review are a "Board of Trade" and a "Board of Investment," designed to provide structured dialogue and coordination between the countries.

The proposed Board of Trade would focus on identifying sectors where both countries can expand commerce without threatening national security or critical supply chains. Agriculture is widely seen as one of the sectors with the most immediate opportunities for balanced growth. The Board of Investment, meanwhile, would address specific disputes or regulatory barriers affecting cross-border investments rather than setting broad policy.

Technical discussions on these mechanisms were expected to continue following the Paris meetings, potentially laying groundwork for formal announcements during the upcoming Trump-Xi summit. Beyond agriculture, U.S. officials raised concerns about access to Chinese-produced critical minerals, particularly yttrium, which is essential for aerospace manufacturing and jet engine turbines.

Sources said both sides explored ways to ease restrictions and improve supply flows, though details remain limited. U.S. negotiators also emphasized Washington's interest in boosting Chinese purchases of American aircraft, coal, oil and natural gas, sectors that could complement agricultural trade in balancing bilateral commerce.

For U.S. agriculture, improved trade stability with China could have wide-ranging implications across the farm economy. China remains the largest global importer of soybeans and a major buyer of livestock and feed products, making it a critical destination for American farmers and agricultural cooperatives.

If the discussions lead to expanded purchasing commitments, they could support commodity prices, farm income and rural supply chains while reinforcing the role of U.S. producers in global food and feed markets. Still, sources emphasized that final decisions will depend on negotiations between Presidents Trump and Xi, meaning the agricultural sector will be closely watching the outcome of the planned Beijing summit later this month.