China suspends "retaliatory" tariffs on the US - Duties on agricultural products removed, except for soybeans
China will suspend punitive tariffs on US imports after last week's meeting between the two leaders, including the removal of duties on agricultural products. However, imports of US soybeans will still face a 13% tariff.
The tariff commission announced that it will remove duties of up to 15% that it had imposed on some American agricultural products as of November 10, while maintaining the 10% tariffs imposed in response to President Donald Trump's tariffs.
Investors on both sides of the Pacific breathed a sigh of relief after Trump met with Chinese leader Xi Jinping in South Korea, allaying fears that the world's two largest economies could break off talks to resolve a trade war that has disrupted global supply chains.
While Trump and the White House rushed to release their version of the meeting, the Chinese side did not immediately provide a detailed summary of the agreement.
However, Chinese buyers of American soybeans will still face a 13% tariff. According to traders, this cost makes American soybeans very expensive for locals, compared to Brazilian alternatives.
“We don’t expect demand from China to return to the US market with this change,” said a trader from an international company. “Brazil is cheaper than the US and even non-Chinese buyers are choosing Brazilian cargoes.”
After the Xi-Trump meeting, the White House announced that China would buy at least 12 million tons of American soybeans in the last two months of 2025 and at least 25 million tons annually for the next three years. Beijing has yet to confirm these figures, while traders are watching carefully for signs of large-scale purchases.
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