China says US farm purchases hinge on tariff-cut deal
SPY•China says it is open to buying US farm goods if the two countries agree on reciprocal tariff cuts. China bought $7.2 billion of non-soy US agricultural products from January to September, while a proposed deal includes about $17 billion in US farm goods.
1. Purchases tied to tariff cuts
China’s commerce ministry said the country is open to buying US farm goods only if the two sides reach an agreement on reciprocal tariff cuts. The countries proposed a $60 billion package of reciprocal cuts after a September summit, including roughly $17 billion worth of US farm goods China imported in 2024, but the plan has not been finalised.
2. Non-soy imports lag
The White House said in May that China had agreed to buy $17 billion of US agricultural goods annually from 2026, with this year’s target adjusted on a prorated basis. China bought $7.2 billion of other US agricultural products, including meat and corn, from January to September, while soybean purchases are on track to meet their target. Traders have said lower tariffs would be needed to make large-scale purchases commercially viable.
