MOFCOM BJT
Q: China has committed to purchasing at least USD 17 billion worth of U.S. agricultural products every year, including soybeans. Could you provide an update? Specifically, when are these purchases expected to gradually increase? In addition, is there a plan to reduce or eliminate the remaining 10% tariff on U.S. agricultural products? (MOFCOM Regular Press Conference July 2, 2026)
A: Agricultural trade is an important part of China-U.S. economic and trade cooperation. Through recent economic and trade consultations, the two sides have set a guiding target for expanding two-way trade in agricultural products and have agreed in principle to include relevant agricultural products in the reciprocal tariff reduction framework arrangement. Businesses will conduct trade independently in accordance with market principles and based on actual demand and market conditions.
China is ready to work towards the same direction with the U.S. to create favorable conditions for two-way agricultural trade.