business
U.S. and China Move Toward Reducing Tariffs on Agricultural Products
Officials from both countries said Thursday they are advancing plans to cut duties on farm goods. The change could shift Chinese soybean purchases toward U.S. suppliers over Brazilian ones. Trade relations remain stable under an existing truce.
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U.S. and Chinese officials said Thursday they are moving toward reducing tariffs on each other’s agricultural products. Semafor reported the step could allow China to increase purchases of American soybeans by making them cheaper than Brazilian supplies.
Beijing and Washington are maintaining their trade truce as of July 2, 2026, he noted. Tooze added that debate over China’s export surge now centers mainly on Europe rather than the United States. The continent is struggling to respond cohesively to inflows of low-cost Chinese goods, he said.
“That is painful for the Europeans, but less explosive for the world economy, so far at least,” Tooze argued.
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