China Suspends Some Tariffs on U.S. Goods After Recent Meeting

BEIJING, China — China announced on Wednesday that it will suspend some retaliatory tariffs on U.S. imports, following a meeting between leaders President Donald Trump and Xi Jinping last week. Starting November 10, China will lift duties of up to 15% on certain U.S. agricultural products, though imported soybeans will continue to face a 13% tariff.

The State Council’s tariff commission confirmed the changes after investors on both sides expressed relief over the discussions. The two leaders met in South Korea, alleviating concerns that the ongoing tariff war might escalate and disrupt global supply chains.

Even Rogers Pay, a director at Trivium China, commented, “Broadly, it’s a great sign that the two sides are making rapid progress in putting the deal into effect. It shows they’re aligned and that the agreement is likely to hold up.” However, the continued tariff on soybeans may hinder U.S. exports as traders noted Brazilian alternatives are currently cheaper.

“We don’t expect any demand from China to return to the U.S. market with this change,” said a trader at an international trading company. “Brazil is cheaper than the U.S. and even non-Chinese buyers are taking Brazilian cargoes.”

Reports indicate that China plans to purchase at least 12 million metric tons of U.S. soybeans by the end of December and commit to at least 25 million tons annually for the next three years. These figures remain unconfirmed by Beijing, and traders are keenly observing for signs of large purchases.

Prior to the negotiation, state-owned China Oil and Foodstuffs Corporation made its first purchases from the U.S. harvest this year, interpreting it as a goodwill gesture. In 2024, China procured around 20% of its soybeans from the U.S., a significant drop from 41% in 2016.

This year, high tariffs have forced China to largely avoid U.S. crops, leading to billions of dollars in losses for American farmers. China’s cabinet also announced a one-year suspension of the additional 24% tariffs imposed on U.S. goods in April.