U.S., China to lower tariffs on $60 billion of goods. Here's what qualifies

China announced on Monday that it will reduce tariffs on a broad range of U.S. agricultural goods, including meat, corn, and dairy products, as part of a $30 billion two-way exemption deal with the United States. However, whole soybeans were excluded from the tariff exemption list, meaning they will continue to be subject to a 10% import tariff.

The tariff cuts are the result of a recent U.S.-China summit in Washington, where both countries agreed to lower tariffs on $30 billion worth of goods exchanged between them. The deal also includes a commitment from China to purchase 25 million soybeans annually through 2028, which was part of a previous trade truce signed earlier this year. Despite the de-escalation of the trade war, Beijing has not fully abandoned its use of soybean purchases as leverage in U.S. trade negotiations.

The tariff exemption list covers a wide array of agricultural products, as well as soybean derivatives such as soyoil and soymeal. However, the decision to exclude whole soybeans from the exemption list highlights China's ongoing reluctance to increase its imports of this particular U.S. agricultural product. This decision could further complicate future negotiations between the two countries.