China Cuts Tariffs On US Farm Goods
Move excludes soybeans, aims to ease trade tensions between the two countries
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Soybean futures have fallen due to their exclusion from the tariff cuts.
Tariff cuts will apply to products worth about $30 billion.
The US and China plan to cut tariffs on goods worth about $30bn each.
Tariff cuts will apply to $60 billion worth of goods, including agriculture and household items.
Story published. Move excludes soybeans, aims to ease trade tensions between the two countries
China has announced plans to cut tariffs on US farm goods, in a move that may help ease trade tensions between the two countries.
The tariff cuts will apply to various US farm goods, although the specific details of the reductions have not been disclosed.
However, soybeans are excluded from the tariff cuts, according to the announcement.
## Why it matters The move is significant as it may help to reduce trade tensions between China and the US. The two countries have been engaged in a trade dispute, with both sides imposing tariffs on each other's goods.
The exclusion of soybeans from the tariff cuts is notable, given the importance of soybean exports to the US. The US is a major producer of soybeans, and China is one of its largest markets.
The tariff cuts on US farm goods may provide a boost to US farmers, who have been affected by the trade dispute. However, the exclusion of soybeans may limit the impact of the move, at least for soybean farmers.
