China cuts tariffs on US farm goods but excludes soybeans from list
Chinese officials announced a reduction in tariffs on most US agricultural products following the Washington summit between leaders Xi Jinping and Donald Trump.
Tariff reductions cover many items
The commerce ministry issued a list that includes corn, wheat, meat, dairy, sorghum, and vegetable oils. More than 90 per cent of these covered products will be exempt from additional tariffs and subject to most-favoured-nation rates instead. Trade in these specific agricultural and related products stood at about $17 billion in 2024.
Soybeans remain under higher levy
US soybeans are not included in the reduction list and still face an additional tariff of 10 per cent. Traders have warned this rate is too high for private crushers to absorb even as state buyers increase purchases. Chinese state-run companies Sinograin and COFCO bought more than 12 million metric tons of US soybeans in August.
Future talks planned by both sides
Both nations have agreed to form a trade council to discuss reciprocal tariff cuts on $30 billion worth of products. The first task for this council will be to ensure stable economic and trade ties between the two countries.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- Business Recorder
- Dawn
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2 independent outlets. Headlines as published. Links open the original report.