China has confirmed it will suspend retaliatory tariffs on a range of U.S. agricultural products following a recent meeting between the two nations’ leaders. However, a general 10% tariff on all American goods will remain, and a significant 13% duty on U.S. soybeans will be maintained.
The State Council’s tariff commission announced that effective November 10, duties of up to 15% on certain U.S. farm goods will be removed. The decision follows a summit between U.S. and Chinese leaders that eased concerns over the escalating trade war, and analysts view the move as a sign of progress in implementing agreements reached during the talks.
Despite the adjustments, industry experts believe the remaining 13% tariff on U.S. soybeans will prevent a significant return of Chinese buyers. Traders report that Brazilian soybeans remain a more cost-effective option for commercial importers, making U.S. shipments too expensive. “We don’t expect any demand from China to return to the U.S. market with this change,” said a trader at an international firm.
This price difference has prompted Chinese importers to recently purchase 20 cargoes of Brazilian soybeans. The White House previously stated that China had agreed to purchase millions of metric tons of U.S. soybeans, but Beijing has not yet confirmed these figures.
The ongoing trade dispute has already caused China to diversify its soybean imports, significantly reducing its reliance on the U.S. market. In 2024, only 20% of China’s soybean imports came from the U.S., a sharp decline from 41% in 2016. High tariffs have led China to largely avoid U.S. crops from the most recent autumn harvest.
Separately, China’s cabinet announced it will also suspend for one year the 24% additional tariffs it imposed on U.S. goods in April.
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