China cuts tariffs on US farm products

China has reduced tariffs on a range of American agricultural products, such as corn, wheat, meat, and dairy products, in an effort to ease trade tensions with Washington, with the exception of soybeans, which still face a 10% tariff. The exemption for soybeans is considered political, as they are used as a bargaining tool in negotiations, especially with the approaching U.S. elections. Although Chinese state-owned companies have purchased more than 12 million tons of American soybeans, the market still views the price as uncompetitive, reducing the likelihood of increased imports in the near future. This move follows a summit between the two presidents, during which they agreed to establish a joint trade council to discuss tariff reductions on goods worth $30 billion, with trade in the agricultural commodities covered estimated at around $17 billion in 2024.

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