China to Scrap Tariffs on U.S. Farm Goods, Buy More Soybeans
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The U.S. said China has agreed to suspend retaliatory tariffs on a swath of American agricultural products and commit to massive purchases of U.S. soybeans, in a deal that marks a major de-escalation of a trade conflict that flared up earlier this year.
In a fact sheet released on Nov. 1 local time, the White House said Beijing will suspend all retaliatory duties announced since March 4, 2025. This move covers a wide range of U.S. farm goods, including chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, seafood, fruits, vegetables and dairy products.
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- China will suspend retaliatory tariffs and buy at least 12 million tons of U.S. soybeans in late 2025, then 25 million tons annually from 2026-2028.
- U.S. will cut its "fentanyl tariff" on Chinese goods to 10% and reduce “reciprocal tariffs” to 24% until Nov. 2026.
- China has sourced over 75% of soybeans from Brazil in 2024; logistical and supply-chain hurdles may complicate new U.S. commitments.
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What Happened When
- 2024：
- China's imports from Brazil accounted for 71% of its total soybean imports, while imports from the U.S. accounted for 21%.
- March 3, 2025：
- The U.S. announced a 20% tariff on Chinese goods, citing issues including fentanyl.
- March 4, 2025：
- The U.S. 20% tariff on Chinese goods came into effect; China retaliated with duties of 10% to 15% on a slate of American agricultural products.
- May 2025：
- China stopped purchasing soybeans from the U.S., with only prior orders clearing customs.
- First nine months of 2025：
- China imported 64.7 million tons of soybeans from Brazil (75.7% of total imports), and 16.8 million tons from the U.S. (less than 20%).
- September 2025：
- China purchased 2.3 million tons of Argentine soybeans in 72 hours after Argentina temporarily waived export taxes.
- By November 1, 2025：
- The White House announced a deal where China will suspend all retaliatory duties announced since March 4, 2025, and commit to large purchases of U.S. soybeans.
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