China plans tariff cuts on U.S. agricultural goods as countries extend trade truce

China may trim tariffs on a range of U.S. agricultural goods like corn and wheat, but will leave them as-is on soybeans.

Under the U.S.-China Board of Trade, both countries have each recommended $30 billion (C$42.5 billion) of trade in non-sensitive goods for more favourable tariff treatment, U.S. Trade Representative Jamieson Greer said in a statement on Sunday.

For the United States, that was “unlocking improved market access” for about 30 per cent of U.S. exports to China, he said.

The reciprocal tariff reduction as well as an extension of a trade truce were among the key takeaways from the second summit this year between President Xi Jinping and U.S. President Donald Trump, hosted in Washington last week.

One of two lists from the White House showed that China planned to trim duties on wheat, sorghum, meat, dairy, vegetable oils and meals. It did not include soybeans.