China’s commerce ministry on Monday listed a broad range of U.S. farm goods for tariff cuts, including corn, wheat, meat and dairy, but left soybeans, its top U.S. farm import, off the list. U.S. soybeans still face an additional 10% tariff.
The list also covers sorghum, vegetable oils and meals, including soyoil and soymeal. Traders have warned that the additional tariff on U.S. soybeans is too high for private crushers to absorb, even as Chinese state buyers have increased purchases.
China and the U.S. agreed to form a trade council, whose first task is to discuss a reciprocal tariff cut covering $30 billion in products. State-run buyers Sinograin and COFCO have bought more than 12 million metric tons of U.S. soybeans, nearly half of the 25 million metric tons the White House said Beijing committed to buying annually through 2028. China has not confirmed a target. Reuters calculated that trade in the listed agricultural and related products, excluding soybeans, was about $17 billion in 2024.
