China signals tariff cuts, advances in farm market access after Trump-Xi summit

U.S. President Donald Trump arrives for a state banquet hosted by Chinese President Xi Jinping at the Great Hall of the People on May 14, 2026 in Beijing, China. Alex Wong | BEIJING, May 16 (Reuters) - China and the United States have agreed to expand agricultural trade through tariff reductions and tackle non-tariff barriers ⁠and market access issues, China's commerce ministry said on Saturday after this week's summit in Beijing. The agreements ​are "preliminary" and will ​be "finalised as soon as possible," ​the ministry said following U.S. President Donald Trump's visit. China's farm imports from the U.S. still face an additional 10% levy after last year's rounds of tit-for-tat ⁠tariffs ‌sharply curtailed trade, which fell 65.7% year-on-year to $8.4 ⁠billion in 2025, according to U.S. Department of Agriculture data. The commerce ministry said both sides aim to promote two-way trade, including in agricultural products, through measures such as reciprocal tariff reductions across ‌a range of goods. It did not specify which products. China resumed purchases of some U.S. farm goods after an October meeting, fulfilling ​a U.S.-stated commitment to buy 12 million metric tons of soybeans by the end of February. It has also purchased some U.S. wheat cargoes and large volumes of sorghum. Market watchers expect a 10% ⁠cut in soybean tariffs, which could allow private Chinese crushers to resume purchases that were largely ‌sidelined during last year's U.S. …