China to cut tariffs on US farm goods, but list excludes soya beans
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 jointly issued by China’s commerce ministry and the White House. Markets have been waiting for news on Chinese tariff cuts on US farm goods following last week’s Washington summit of leaders Xi Jinping and Donald…
China plans to reduce tariffs on a wide variety of US agricultural products, including corn, wheat, meat, and dairy, according to a joint statement from China’s commerce ministry and the White House. Soybeans, however, remain subject to a 10% tariff, which could pose challenges for private crushers handling them. The tariff cuts are part of a $60 billion agreement reached during recent negotiations and cover sorghum, vegetable oils, meats, dairy products, and other items.
While the specific timeline for the tariff reductions remains undetermined, the agriculture sector remains optimistic about the new arrangement. Chinese state-owned firms, such as Sinograin and COFCO, have already purchased over 12 million metric tons of US soybeans, accounting for nearly half of the 25 million metric tons Beijing committed to buying annually through 2028.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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