An analysis by the economic research firm Veda Partners recalled that in the 2020 trade deal that Mr. Trump reached with China in his first term, China committed to buying about 142 million tons of U.S. soybeans over two years. In the agreement on Thursday, it committed to 87 million tons across four years.

A fter a months-long trade war between China and the United States, Presidents Donald Trump and Xi Jinping are scheduled to meet Thursday in Korea. Both countries seem to be angling for a truce; over the weekend, they announced a “framework” for a possible agreement.

The U.S. and China have reached a trade deal to ease concerns over rare earths, with the U.S. reducing its reliance on China for the critical minerals. But challenges remain.