China says to cut tariffs on US farm goods, but soybeans excluded
BEIJING — China is set to cut tariffs on a broad range of US agricultural goods, from corn and wheat to meat and dairy, but top import item soybeans were excluded from a tariff-reduction list its commerce ministry issued on Monday. Markets have been waiting for news on Chinese tariff cuts on U.S. farm goods following last week's Washington summit of leaders Xi Jinping and Donald Trump. The list…
Beijing, China is poised to reduce tariffs on a wide array of US agricultural products, from corn and wheat to meat and dairy, according to a tariff-reduction list released by its commerce ministry on Monday. However, the list does not include soybeans, which remain subject to a 10% tariff that traders warn is too high for private crushers to bear, despite Chinese state purchases.
The announcement comes after last week's summit between Chinese President Xi Jinping and US President Donald Trump in Washington. The list encompasses sorghum, vegetable oils and meals, including soyoil and soymeal, along with meat, dairy products and other items. In a bid to maintain stable economic and trade relations, both nations have agreed to establish a trade council, with the first task being to discuss reciprocal tariff cuts on $30 billion worth of products.
Chinese state-run agricultural companies Sinograin and COFCO have already purchased over 12 million metric tons of US soybeans, nearly half of the 25 million metric tons the White House has said Beijing plans to buy.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- China to cut tariffs on US farm goods, but soybeans excluded freemalaysiatoday.com
- China says to cut tariffs on US farm goods, but soybeans excluded brecorder.com
- China says to cut tariffs on US farm goods, but soybeans excluded koreatimes.co.kr
