FACTBOX: Farm sectors seek trade expansion, tariff relief ahead of Trump-Xi summit

US-based market participants in the agriculture and animal proteins sectors are expecting some breakthroughs regarding tariffs and other non-tariff barriers in the summit, third since October 2025, between US President Donald Trump and his Chinese counterpart, Xi Jinping, on Sept. 24-25, in Washington DC.

China's commerce ministry said on Sept. 20 that China and the US have agreed to discuss a framework to reduce reciprocal tariffs on certain products and resolve non-tariff barriers.

"For products of mutual concern agreed upon by both sides, most-favored-nation rates or even lower are expected to apply," China's Ministry of Commerce said.

The US-China tariff conflict in 2025 disrupted trade in key commodities, such as soybeans and beef, leading China to pause purchases of US-origin farm and animal proteins in 2025, US-based market participants said.

"I think you know, you know, going back to Katie's opening remark, the tariff, you know, the reduction in tariff on non-sensitive goods, you know, that is quietly, you know, something that we can expect," George Chen, partner at The Asia Group said Sept. 18.

Infrastructure

• China suspended purchases of US soybeans for nearly five months in June 2025 amid escalating trade tensions, turning instead to Brazilian supplies, according to US-based traders.
• US Department of Agriculture data showed China resumed buying US-origin soybeans in late October 2025.
• China renewed export licenses to over 500 US beef facilities following a bilateral meeting between Trump and Xi in May.
• China levies a 10% reciprocal tariff on certain US-origin products in response to US import duties on Chinese goods.
• China imposes a total import duty of 13% on US soybeans, including an additional 10% levy on top of the 3% most-favored-nation tariff. In comparison, Brazilian soybeans face only the 3% MFN duty.

Trade

• So far in marketing year 2026-27 (September-August), China has committed to purchase 9.969 million metric tons of soybeans from the US, according to the USDA.
• "It's probably going to be beans and beef. I don't know if there'll be other commercial sales. Certainly, hope so, but not sure," Daniel Kritenbrink, partner at The Asia Group and former Assistant Secretary of State, said on Sept. 18.
• During MY 2025-26, US soybean exports fell 18.2% year over year due to lower shipments to China, according to USDA data. US soybean sales to China in MY 2025-26 were down 45% on year at 12.8 million mt.
• As of Sept. 17, 2026, the US sold 7,300 mt of beef in MY 2026 (January-December), compared with 35,000 mt of beef in the same year-ago period in MY 2025, USDA data showed.
• In MY 2025, the US exported 35,362 mt of beef to China, down 73.6% on year, the USDA data showed.

Prices

• Platts, part of S&P Global Energy, assessed the SOYBEX China CFR flat price at $598.46/mt on Sept. 22, up from the year-ago level of $476.57/mt on Sept. 22, 2025.
• Platts assessed US SOYBEX FOB at $533.89/mt Sept. 21, up from $397.57/mt assessed on Sept. 22, 2025.
• Platts assessed 90 CL beef CIF US at $7,003/mt on Sept. 21, down from $7,121/mt seen on Sept. 22, 2025.
• Platts also assessed 95 CL beef CIF US at $7,694/mt on Sept. 21, compared with $7,452/mt on Sept. 22, 2025.