China signals tariff cuts, advances in farm market access after Trump-Xi summit

BEIJING, Could 16 (Reuters) – China and the US have agreed to broaden agricultural commerce by tariff reductions and sort out non-tariff obstacles ⁠and market access points, China’s commerce ministry stated on Saturday after this week’s summit in Beijing.

The agreements ​are “preliminary” and can ​be “finalised as quickly as attainable,” ​the ministry stated following U.S. President Donald Trump’s go to.

China’s farm imports from the U.S. nonetheless face an extra 10% levy after final 12 months’s rounds of tit-for-tat ⁠tariffs ‌sharply curtailed commerce, which fell 65.7% year-on-year to $8.4 ⁠billion in 2025, in keeping with U.S. Division of Agriculture knowledge.

The commerce ministry stated each side goal to advertise two-way commerce, together with in agricultural merchandise, by measures resembling reciprocal tariff reductions throughout ‌a spread of products. It didn’t specify which merchandise.

China resumed purchases of some U.S. farm items after an October assembly, fulfilling ​a U.S.-stated dedication to purchase 12 million metric tons of soybeans by the tip of February. It has additionally bought some U.S. wheat cargoes and enormous volumes of sorghum.

Market watchers anticipate a ten% ⁠reduce in soybean tariffs, which may permit personal Chinese language crushers to renew purchases that have been largely ‌sidelined throughout final 12 months’s U.S. harvest, when state crop ‌merchants have been the one consumers.

“Tariff reductions on agricultural merchandise would mark a normalization of China-U.S. farm commerce, permitting industrial consumers to re-enter the market,” stated Johnny Xiang, founder ⁠of Beijing-based AgRadar Consulting.

The ministry stated each side agreed to “resolve or make substantive ⁠progress” on non-tariff obstacles and market access points.

China will work ⁠to handle U.S. considerations over registration of beef amenities and poultry exports from sure U.S. states, it stated.

Beijing on Friday granted ​five-year registration extensions to 425 U.S. beef ‌crops that had largely been shut out after their registrations lapsed final 12 months, and accepted new five-year registrations for 77 extra U.S. amenities.

U.S. Commerce Consultant Jamieson Greer stated on Friday the U.S. expects China to purchase “double-digit billions” value of U.S. farm items ​over the following three years, though ‌neither facet has but launched particulars on particular merchandise, values or quantity.