China says to cut tariffs on US farm goods, but soybeans excluded

China plans to lower tariffs on a wide range of American farm products, including corn, wheat, meat and dairy, according to Business Recorder. The Chinese commerce ministry released the list on Monday, but soybeans, a leading import, were left off it. The move follows last week's Washington summit between Xi Jinping and Donald Trump.

The list includes sorghum, vegetable oils and meals, such as soyoil and soymeal, along with meat, dairy and other goods. US soybeans still carry an extra 10% tariff that traders say private crushers struggle to absorb, even though Chinese state buyers have increased their purchases. Sinograin and COFCO have purchased over 12 million tonnes of US soybeans, close to half of the 25 million tonnes that the White House says Beijing pledged to buy each year through 2028.

The two sides have agreed to establish a trade council, whose opening task will be reviewing reciprocal tariff reductions on $30 billion worth of goods. Reuters calculations put trade in the listed goods, excluding soybeans, at about $17 billion in 2024, a level close to the reported Chinese purchase commitment. China has not yet confirmed any purchase target, though the White House said in May that Beijing had agreed to buy that amount each year through 2028.