Trump says US making progress on expanding China farm, food market access

The US is making progress in expanding access for US farmers and ranchers in China's food and farm sectors, US President Donald Trump said Sept. 24 while hosting Chinese President Xi Jinping at the White House for a state visit.

"Working together, President Xi and I have made tremendous strides on the issues facing our countries. Last May, we created the board of trade, and through that, our teams have been working to encourage a balanced trading relationship, including the new market access for American farmers and ranchers," Trump said.

"We encourage our government departments such as those in charge of foreign affairs, economic matters, financial cooperation, law enforcement and people-to-people exchanges to catch up on strengthening contact," Xi said.

The US and China have also agreed to extend their trade truce, which was scheduled to expire on Nov. 10, 2026, until Jan. 10, 2027, the US Treasury Secretary Scott Bessent said Sept 23.

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 Trump and Xi.

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.

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, however, has maintained 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. For beef, China applies a 22% tariff to US shipments, compared with a 12% duty on Brazilian beef.

So far in marketing year 2026-27 (September-August), China has committed to purchase 10.17 million metric tons of soybeans from the US as of Sept. 17, according to the USDA.

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.

China renewed export licenses to over 500 US beef facilities following a bilateral meeting between Trump and Xi in May.

As of Sept. 17, 2026, the US sold 7,800 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.

Platts, part of S&P Global Energy, assessed SOYBEX CFR China at $597.54/mt on Sept. 24, up $1.37/mt on day. Platts assessed New Orleans SOYBEX FOB at $528.37/mt Sept. 23, down $4.60/mt day over day.

Platts assessed 90 CL beef CIF US at $7,003/mt Sept. 23, and 95 CL beef CIF US at $7,694/mt Sept. 23, both unchanged day over day.