China to cut tariffs on US farm goods, but list excludes soybeans
SOYB•China is set to cut tariffs on US corn, wheat, meat, dairy and other farm goods, but soybeans remain subject to an additional 10% tariff. Chinese state buyers have purchased more than 12 million metric tons of US soybeans, nearly half the 25 million metric tons the White House said Beijing committed to buying annually through 2028.
1. Soybeans remain excluded
China’s commerce ministry issued a list of US farm goods set for tariff cuts, including corn, wheat, sorghum, meat, dairy, vegetable oils and meals. US soybeans were excluded and still face an additional 10% tariff; traders have warned private crushers cannot absorb it.
2. State purchases continue
Chinese state-run agricultural companies Sinograin and COFCO have bought more than 12 million metric tons of US soybeans. The White House said Beijing had agreed to buy 25 million metric tons annually through 2028, but China has yet to confirm a purchase target.
3. Trade council planned
The two sides agreed to form a trade council, whose first task will be to discuss reciprocal tariff cuts on $30 billion worth of products. Trade in the agricultural and related products on the tariff-cut list stood at about $17 billion in 2024, excluding soybeans.
