China eases tariffs on U.S. farm goods, keeps soybeans out

China is set to cut tariffs on a broad range of U.S. agricultural goods, but soybeans were excluded from the tariff-reduction list, leaving the key U.S. farm export subject to an additional 10% tariff.

China’s list covers corn, wheat, sorghum, meat, dairy, vegetable oils and meals, including soyoil and soymeal. More than 90% of the covered products will be exempt from additional tariffs and instead face most-favored-nation tariff rates, according to China’s commerce ministry.

The tariff cuts are part of a $30B-for-$30B framework under which China and the U.S. will each reduce tariffs on about $30B of imports from the other country. China’s list includes agricultural products, personal care products, medical equipment and coal, while the U.S. will cut tariffs on Chinese toys, household appliances, baby products, kitchen and bathroom goods and holiday items.

Chinese state-run agricultural companies Sinograin and COFCO have purchased more than 12 million metric tons of U.S. soybeans, nearly half of the 25M metric tons the White House has said China committed to buying annually through 2028. China has not confirmed that purchase target.

The tariff-reduction proposal does not specify when the cuts will take effect. The two countries said they will implement the measures after completing their respective domestic legal procedures.

China and the U.S. will also establish an agriculture working group under the trade council to discuss issues including agricultural market access and regulation. The group is expected to hold its first meeting before the end of 2026.

The move follows last week’s Washington summit between U.S. President Donald Trump and Chinese President Xi Jinping, with markets awaiting details of the tariff reductions on U.S. farm goods.