FX.co ★ China lifts tariffs on hundreds of US farm goods but keeps soybeans taxed

China has lifted import tariffs on hundreds of US agricultural products while deliberately keeping whole soybeans subject to a punitive levy. The Ministry of Commerce published a list of 1,619 tariff lines covered by the new $30 billion bilateral agreement.

US exporters now have tariff‑free access for meat, corn, dairy, and even soybean oil. Whole soybeans, however, remain hit with a 10% tariff, a politically useful lever Beijing continues to wield in negotiations. Under the existing trade truce, China is still committed to buying 25 million tonnes of US soy annually through 2028.

The mutual concessions follow a recent summit in Washington, where leaders extended the truce for two months and agreed to set up a specialized trade council. Washington reciprocated by lifting tariffs on 77 categories of Chinese goods, also amounting to about $30 billion, easing duties on items such as electronics and plastics.