FACTBOX: US farm, food sectors eye Trump-Xi meet for trade cues as tariffs hit key exports

Market participants in the agriculture and animal proteins sector are looking toward trade indications from the summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, on May 14-15.

The US-China tariff conflict in 2025 disrupted trade in key commodities, such as soybeans and beef. China avoided purchasing US-origin soybeans during April to late October 2025, according to data from the US Department of Agriculture. China is yet to resume buying US beef, US-based beef traders said.

"We expect the meeting will have more implications for new (soybean) crop sales. We do not expect any further old-crop (soybean) sales to China to be announced, as China has already committed to 12 million metric tons for the marketing year 2025-26 (September-August)," S&P Global Energy CERA said in a report May 8.

"In a typical year without tariffs, Chinese buyers would begin US new crop purchases around this time in May for shipment from late September onward," the CERA report said.

US-China tariffs

• The US and China imposed several tariffs and counter-tariffs on each other in 2025. By mid-April 2025, the US raised tariffs on China to 145% and China retaliated by raising duties to 125%.
• On May 12, 2025, the US reduced tariffs on China to 30% for 90 days while China reciprocated by reducing duties to 10% for 90 days.
• Trump and Xi held a summit in Busan, South Korea, on Oct. 30, 2025, and China resumed purchases of US soybeans.
• The Supreme Court of the US struck down the country-specific tariffs imposed by the US under the International Emergency Economic Powers Act of 1977 on Feb. 20, 2026.
• On Feb. 20, 2026, the US imposed a global 10% import tariff for 150 days after the SCOTUS struck down the tariffs imposed by the US government.

Trade flows

• So far in MY 2025-26 (September-August), the US has sold 11.8 million mt of soybeans to China, down 47.5% year over year, according to the USDA. In MY 2024-45, the US sold 22.5 million mt of soybeans to China.
• As of April 30, 2026, the US sold 200 mt of beef in MY 2026 (January-December), compared with 27,404 mt of beef in the same year-ago period in MY 2025, USDA data showed. In MY 2025, the US exported 35,200 mt of beef to China.
• So far in MY 2026 (January-December), the US sold 80,500 mt of pork to China as of April 30, up 62.3% year over year, according to USDA data. In MY 2025, the US sold 137,200 mt of pork to China.
• China has not bought any corn from the US in MY 2025-26 (September-August) as of April 30, 2026, compared with 32,700 mt in MY 2024-25, the USDA said.

Prices

• Platts, part of S&P Global Energy, assessed the SOYBEX China CFR flat price at $504.77/mt on May 11, up from the year-ago level of $438.81/mt on May 13, 2025. Platts assessed US SOYBEX FOB at $478.77/mt May 11, up from $412.91/mt assessed on May 9, 2025.
• Platts assessed 90 CL beef CIF US at $8,003/mt on May 11, up from $6,460/mt seen on May 9, 2025. Platts also assessed 95 CL beef CIF US at $8,598/mt on May 11, compared with $6,834/mt over the same period.
• Platts assessed North Asia pork belly CFR at $4,240/mt May 11, down from the year-ago level of $5,600/mt on May 9, 2025. Platts assessed US pork loin at $3,086.47/mt on May 11, compared with $2,976.24/mt on Dec. 8, 2025.
• Platts assessed corn CFR North Asia at $269.94/mt May 11, compared with $241/mt May 9, 2025. Platts assessed US corn CIF New Orleans at $219/mt May 11, up from $202.15/mt seen on May 8, 2025.