Beltran, 39, is batting .304 with 22 home runs and 64 RBIs this season for the Yankees. He is in the final year of a three-year, $45 million contract and will be a free agent after this season.
As each deal goes down, we'll give you our report card — then ask you to vote on which team hit the jackpot and which team got the short (or at least shorter) end of the stick.
Tate, 22, was the Rangers' first-round pick in the 2015 draft. The right-hander is 3-3 with a 5.12 ERA in 17 games (16 starts) at Hickory, Texas, the Rangers' Class A team in the South Atlantic League.
In addition to Tate, the Yankees will also receive minor league right-handed pitchers Erik Swanson and Nick Green from the Rangers.
The trade was first reported by Yahoo! Sports.