China to cut tariffs on US farm goods

China plans to reduce tariffs on a wide range of American agricultural products, including corn, meats, dairy, and vegetable oils. However, soybeans, which are the largest imported agricultural product in China, have been excluded from the tariff cuts and will remain subject to an additional 10% duty. This announcement comes after their recent meeting in Washington between Chinese President Xi Jinping and U.S. President Donald Trump, during which Beijing agreed to establish a trade council to discuss mutual tariff reductions on products worth $30 billion. Chinese state-owned companies have purchased over 12 million metric tons of American soybeans, roughly half of the amount Beijing committed to buy annually until 2028. Political considerations and policies are among the main reasons behind excluding soybeans from the tariff reductions, even though tariffs on many other agricultural products will be lowered.

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