China says it is open to buying US farm goods only if the two sides agree on reciprocal tariff cuts. A proposed $60 billion package has yet to be finalised, and China bought only $7.2 billion of non-soy US agricultural products between January and September.
China is open to buying US farm goods, but only on the condition that the two sides reach an agreement on reciprocal tariff cuts, the commerce ministry said on Thursday.
A $60 billion package still awaits finalising
After a September summit between Presidents Xi Jinping and Donald Trump in Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts. It includes roughly $17 billion worth of US farm goods that China imported in 2024, but the plan has yet to be finalised.
Commerce ministry spokesperson Huang Ling told a regular press briefing that Beijing wants the United States to work with China through measures such as "jointly lowering tariffs, reducing non-tariff barriers and expanding market access".
China bought $7.2 billion of non-soy US farm goods
The White House said in May that Beijing had agreed to buy $17 billion of US agricultural goods annually from 2026, with this year's target adjusted on a prorated basis. Those purchases come on top of a commitment made in October last year to buy US soybeans.
According to a Reuters analysis, China is on track to meet its soybean target, but it bought only $7.2 billion of other US agricultural products, including meat and corn, between January and September. Imports of those products were at their lowest level for the period since 2019, at the height of the first US-China trade war.
It also remains unclear when the clock starts on the $17 billion non-soy deal. The White House has not said whether the timeline began with its May announcement or will begin only once China's proposed tariff cuts are finalised.
Slow buying adds pressure on US farmers
The slow pace of buying has fuelled doubts over whether imports will rise sharply this year, adding to pressure on US farmers already grappling with high fuel costs. Traders have told Reuters that lower tariffs would be needed to make large-scale purchases commercially viable.
Source: Commodities & Futures News
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