China to cut tariffs on US farm goods, excludes commercial soybeans

China has outlined tariff reductions for a range of US agricultural goods, including grains, soybean products, and animal proteins, while excluding commercial soybeans, according to details released by the Ministry of Commerce Sept. 28.

The tariff cuts are part of a reciprocal tariff-reduction framework agreed by the US and China during the Sept. 23-25 Washington summit between US President Donald Trump and China's President Xi Jinping. Under the framework, both countries agreed to provide tariff reductions on about $30 billion of imports from the other.

More than 90% of listed products will be exempt from additional tariffs and return to most-favored-nation rates, the ministry said.

China's tariff-reduction list covers 1,619 categories of US products, while the US list covers 77 categories of Chinese goods.

Among agricultural goods, China's list includes corn, wheat, and sorghum, soybean oil and meal, and animal proteins, including beef, pork, and poultry. Seed soybeans are also listed, but commercial, non-seed soybeans are excluded.

With commercial soybeans excluded from the tariff cuts, US-origin beans will continue to face a 13% import tariff in China, including an additional 10% levy, compared with a 3% MFN tariff on Brazilian soybeans. The additional tariff has reduced the competitiveness of US soybeans for Chinese private crushers.

The tariff cuts will be implemented simultaneously after both countries complete their domestic legal procedures. No implementation date was specified.

China and the US also agreed to establish an agricultural working group under the China-US Trade Council to address market access, regulatory issues, and other agricultural trade concerns, with its first meeting planned before the end of 2026.

Platts, part of S&P Global Energy, assessed the SOYBEX China CFR flat price at $587.35/mt Sept. 28, down $1.74/mt day over day.

Platts assessed US SOYBEX FOB New Orleans at $517.44/mt Sept. 28, down $11.3/mt day over day. Platts assessed US corn CIF New Orleans at $231.1/mt Sept. 28, up 30 cents/mt day over day.