‘Missed opportunity’: US soybean farmers question exclusion from China tariff cuts
US soybean farmers have described the exclusion of US soybeans from China’s import list under the newly announced Board of Trade mechanism as a “missed opportunity”, even as Beijing ramped up purchases of the crop ahead of last week’s summit between Chinese President Xi Jinping and US President Donald Trump. The trade forum, unveiled by both sides on Sunday, covered a range of US agricultural…
US soybean farmers have criticized the decision to exclude their crop from China’s list of agricultural products receiving tariff reductions, describing it as a "missed opportunity". Despite China increasing its purchases of US soybeans ahead of President Xi Jinping's meeting with President Donald Trump, the American Soybean Association expressed disappointment at the crop's omission.
The exclusion leaves US soybeans subject to a 10% tariff, making them less competitive compared to South American alternatives like Brazil. China has pledged to buy at least $17 billion worth of US agricultural products annually for the next three years, with soybeans included in that amount. However, Chinese state-run agricultural companies have already purchased more than 12 million metric tonnes this year, exceeding their initial commitment.
US farmer Jeff Winton welcomed the inclusion of dairy products in China's import list but was disappointed by the exclusion of soybeans. Rising diesel and fertilizer costs due to the US war in Iran have added pressure to US farmers, deepening financial strains across the agricultural sector.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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