US, China agree to reduce tariffs on farm, protein products after Trump-Xi talks

The US and China have agreed to reduce tariffs on certain agricultural and animal products, among others, as part of the agreement reached during the bilateral summit between US President Donald Trump and China's President Xi Jinping over Sept. 23-25, the US Trade Representative's office said in a release Sept. 27.

The US and China agreed to a tariff reduction framework to cut import levies on non-sensitive commodities worth $30 billion on each side during the summit in Washington DC.

"As a direct result of the strong relationship between President Trump and President Xi, the US and China, under the auspices of the new Board of Trade, have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future," US Trade Representative Ambassador Jamieson Greer said.

According to the US Trade Representative, China will consider reducing tariffs on US-origin soybean seeds, soybean oil, soybean meal, corn, barley, and wheat among agricultural products.

China will also consider cutting tariffs on imports of US-origin animal protein products, including beef, pork, poultry, and shrimp.

Ahead of the Washington summit, the US and China also agreed to extend their trade truce, which was scheduled to expire on Nov. 10, 2026, until Jan. 10, 2027.

China's commerce ministry also said 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.

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.

So far in marketing year 2026-27 (September-August), China has committed to purchase 10.17 million mt of soybeans from the US, according to the US Department of Agriculture.

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% year over year at 12.8 million mt.

As of Sept. 17, the US has sold 7,800 mt of beef in MY 2026 (January-December), compared with 35,000 mt during the same period in MY 2025, USDA data showed.

In MY 2025, the US exported 35,362 mt of beef to China, down 73.6% year over year, the USDA data showed.

Platts, part of S&P Global Energy, assessed the SOYBEX China CFR flat price at $589.09/mt Sept. 25, down $8.45/mt day over day.

Platts assessed US SOYBEX FOB at $528.74/mt Sept. 25, down 19 cents/mt day over day. Platts assessed US corn CIF New Orleans at $230.8/mt Sept. 25, down $7.6/mt day over day.

Platts assessed the US chicken marker at $1,146/mt Sept. 25, down $22/mt day over day. Platts assessed chicken leg CFR north Asia at $2,275/mt Sept. 25, up $15/mt day over day.

Platts assessed pork belly (sheet-ribbed) North Asia at $4,430/mt, up $20/mt day over day. Platts assessed US pork loin at $2,645.55/mt Sept. 25, unchanged day over day.

Platts assessed HOSO shrimp CFR China weekly at $4,101/mt Sept. 25, up $51/mt day over day. Platts assessed PDTO 16/20 shrimp DDP US northeast at $9,480/mt Sept. 25, unchanged day over day.

Platts assessed 90 CL beef CIF US at $7,003/mt Sept. 25, and 95 CL beef CIF US at $7,694/mt Sept. 25, both unchanged day over day.