China says it will cut tariffs on US farm goods, but soybeans are excluded
DBA•China is set to cut tariffs on a broad range of US agricultural goods, but soybeans remain subject to an additional 10% tariff. A trade council will discuss reciprocal tariff cuts on $30 billion worth of products.
1. Soybeans remain excluded
China's tariff-reduction list covers goods including corn, wheat, sorghum, vegetable oils and meals, meat and dairy products. Soybeans, China's top US agricultural import, were excluded, and still face an additional 10% tariff that traders have warned is too high for private crushers to absorb.
2. Purchases and trade talks
Chinese state-run companies Sinograin and COFCO have bought more than 12 million metric tons of US soybeans, nearly half of the 25 million metric tons the White House said Beijing committed to buying annually through 2028. China has yet to confirm a purchase target. The two sides agreed to form a trade council, whose first task is to discuss reciprocal tariff cuts on $30 billion worth of products; trade in items on Monday's list totaled about $17 billion in 2024, excluding soybeans.
