US lists goods for lower tariffs under China trade deal

The US and China have agreed to a trade arrangement that will see China cut tariffs on a range of US agricultural goods. According to The Korea Times and Free Malaysia Today, the list of tariff-reduced goods includes corn, wheat, meat, dairy products, sorghum, vegetable oils, and meals such as soyoil and soymeal.

However, US soybeans are not included in the tariff-reduction list and still face an additional 10% tariff, as reported by The Korea Times and Free Malaysia Today. Despite this, Chinese state-run agricultural companies Sinograin and COFCO have purchased over 12 million metric tons of US soybeans, which is nearly half of the 25 million tons the White House said Beijing committed to buying annually through 2028, according to Free Malaysia Today.

The US and China have also agreed to form a trade council to discuss reciprocal tariff cuts on $30 billion worth of products, as reported by The Korea Times and Free Malaysia Today. The White House has released lists of goods that could receive lower tariffs under the new trade arrangement, affecting $30 billion in products, according to Punch.

Brief written by urgent.news from Punch, The Korea Times, Free Malaysia Today — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.