US China tariff cuts cover $60B as soybeans stay excluded

The United States and China have lined up US China tariff cuts covering about $60 billion in two-way trade, with each side recommending $30 billion in non-sensitive goods for better tariff treatment, according to the Office of the U.S. Trade Representative and Reuters reporting. The package emerged from the newly created U.S.-China Board of Trade, which was established during President Donald J. Trump's May visit to Beijing to manage trade in non-sensitive products between the world's two largest economies.

In a statement, USTR Ambassador Jamieson Greer said the two sides "have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future." He added: "From agricultural products to medical devices, President Trump is unlocking improved market access for about 30 percent of U.S. exports to China, while benefiting consumers with imports from China of household goods, toys, and other products that the United States generally does not import from other countries." The White House published "30-FOR-30" product lists on Sept. 27, 2026, laying out U.S. products for import into China and Chinese products for import into the United States to be considered for reciprocal reduced tariff treatment, according to USTR.

Reuters reported on Sept. 28 that the two sides agreed to cut tariffs on $60 billion worth of goods imported from each other, or $30 billion in each direction. China's list covers U.S. corn, wheat, sorghum, meat, dairy, vegetable oils and meals including soyoil and soymeal, fish and seafood, logs and wood products, cosmetics and medical devices, according to Reuters via BusinessWorld. The U.S. list covers Chinese small appliances such as coffee makers and toasters, tableware, blankets and bed linens, toys, fireworks, artificial flowers, holiday decorations and children's car seats, according to the same report. More than 90% of covered products would be exempt from additional tariffs and revert to most-favored-nation rates, Reuters reported, though the proposal names products without setting an effective date.

Why soybeans were left out

The most politically sensitive omission is soybeans. U.S. soybeans were excluded from the tariff-reduction list and still face an additional 10% tariff, even as soybean oil and meal were included, according to World Grain and Reuters agriculture reporting. The American Soybean Association expressed disappointment, saying the 10% duty keeps private Chinese crushers out of the market and leaves trade largely to state firms. The association also noted China's separate commitment to buy a minimum of 25 million tonnes of U.S. soybeans annually in 2026-2028, with state firms Sinograin and COFCO already buying more than 12 million metric tons, according to World Grain.

The soybean carve-out matters because China has kept its most powerful farm-trade lever off the table while still offering relief on other agricultural goods. Brazil now supplies about 71% of China's soybeans after displacing the United States following the 2018 trade war, according to Reuters via World Grain, so the exclusion bites U.S. farmers more than Beijing. Markets reflected the disappointment: CBOT soybean futures slid after the details emerged, and Chinese stocks fell as investors saw few concrete commitments, according to market reporting cited in the research brief.

Timeline and what happens next

The deal follows a rapid diplomatic sequence. In May 2026, Trump and Xi created the Board of Trade during Trump's Beijing visit; Xi then visited Washington in September for a second summit of 2026; on Sept. 26 the two sides announced an eight-point consensus and an AI dialogue; on Sept. 27 USTR and the White House published the 30-for-30 lists; and on Sept. 28 detailed product lists were unveiled alongside an extension of the trade truce, according to the verified research brief. China's commerce ministry said the truce is extended two months, through Jan. 10, to allow time to evaluate the arrangement, according to Reuters via BusinessWorld.

Other summit side outcomes included an AI incident-communication channel and a follow-up AI dialogue by the end of November, Chinese consideration of foreign financial firms, continued talks on U.S.-China flights, Chinese imports of 10 million metric tons of U.S. coal annually in 2027-2028, and a bilateral agriculture working group meeting before year-end, according to Reuters via BusinessWorld. For readers, the practical takeaway is narrower than the headline: this is a pause built around non-sensitive goods, not a broad peace treaty. The Jan. 10 truce deadline, the missing effective date for tariff relief, and the unresolved soybean question are the three checkpoints that will determine whether the $60 billion package turns into real savings or remains a recommendation.

Sources: USTR statement on the U.S.-China Board of Trade recommendations; Reuters via BusinessWorld on the $60 billion tariff-cut agreement; World Grain on the soybean exclusion.