China says to cut tariffs on US farm goods, but soybeans excluded
In Korea, The Korea Times reported that China is set to cut tariffs on a broad range of US agricultural goods, from corn and wheat to meat and dairy, but top import item soybeans were excluded from a tariff-reduction list its commerce ministry issued on September 28.
The list covers sorghum, vegetable oils and meals, including soyoil and soymeal, along with meat, dairy products and other items, the commerce ministry said.
US soybeans, however, still face an additional tariff of 10%, which traders have warned is too high for private crushers to absorb, even as Chinese state buyers have stepped up purchases, the report added.
Chinese state-run agricultural companies Sinograin and COFCO have bought more than 12 million metric tons of US soybeans, nearly half the 25 million the White House has said Beijing committed to buying annually through 2028.
Category: Food & Agriculture
