China plans tariff cuts on U.S. farm goods, excludes soybeans
After last week's Washington summit between Xi Jinping and Donald Trump, China is set to lower tariffs on a wide range of U.S. agricultural products. Soybeans, the top U.S. farm import to China, remain outside the reduction list and still face an additional 10% tariff.
Highlights
- China announced tariff cuts on U.S. corn, wheat, sorghum, vegetable oils, soymeal, meat, and dairy, but excluded soybeans, keeping a 10% tariff.
- China-U.S. trade council will address reciprocal tariff cuts on $30 billion worth of products to stabilize economic and trade relations after summit talks.
- Sinograin and COFCO purchased over 12 million metric tons of U.S. soybeans, about half of the White House's annual 25 million metric ton commitment, which China has not confirmed.
Tariff list follows summit talks
As reported by Reuters, China's commerce ministry on Monday issued a tariff-reduction list covering corn, wheat, sorghum, vegetable oils and meals, including soyoil and soymeal, as well as meat, dairy products and other farm goods.The move comes as markets wait for details on Chinese tariff relief for U.S. agricultural exports after the leaders' summit in Washington last week. Soybeans are excluded from the list, leaving private crushers exposed to an extra 10% tariff that traders warn is too high to absorb.
Trade council to address broader farm flows
China and the U.S. have agreed to form a trade council, with its first task set to discuss reciprocal tariff cuts on $30 billion worth of products in an effort to keep economic and trade ties stable.Chinese state-run agricultural firms Sinograin and COFCO have bought more than 12 million metric tons of U.S. soybeans, nearly half of the 25 million metric tons that the White House says Beijing committed to buy annually through 2028. Trade in the agricultural and related products on Monday's list stood at about $17 billion in 2024, roughly matching China's reported purchase commitment when soybeans are excluded, according to Reuters calculations.
In May, the White House said Beijing had agreed to buy that volume each year through 2028, but China has yet to confirm any purchase target.
Our earlier coverage of the Xi–Trump summit outlined a narrow U.S.–China agreement to cut tariffs on $30 billion of goods and to set up follow-on talks, including a new dialogue on artificial intelligence. We also noted that the trade truce was extended for two months, but the deal stopped short of firm, publicly confirmed purchase commitments, leaving markets focused on what the tariff relief would cover in practice.
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