US and China publish tariff-cut lists covering $60 billion of goods, with soybeans left out

The United States and China unveiled lists of goods eligible for $60 billion in tariff cuts, without a timeline for when reductions take effect⁵. Each side recommended about $30 billion of non-sensitive goods for more favourable treatment^3,12. US Trade Representative Jamieson Greer described the products as non-sensitive goods that could benefit from more favourable tariff treatment^6,10.

The published categories are consumer-facing. They span agriculture, toys and toasters⁶, dolls and fireworks¹⁰, American hair products and Chinese toys⁴, and small appliances such as coffee makers¹. Rare earths remain a sticking point¹⁰. The Chinese Commerce Ministry said the agreement would further the relationship⁷.

The lists follow the Trump-Xi meeting and accompany an extension of the trade truce, described in one report as a two-month extension and in another as running until 10 January^9,12.

Coverage described the arrangement as easing inflation while also allowing Chinese firms to benefit from lower duties into the US market³. The Chinese Commerce Ministry framed the lists as advancing the wider relationship⁷.

Why it matters to investors

Soybeans were excluded, and US growers called the omission a missed opportunity, having expected inclusion before the summit^8,11. Greer confirmed China has bought nearly $4 billion of US agricultural goods, and that China accounted for over half of the soybean commitments⁸.

That split is the story for allocators. The relief is aimed at imported consumer goods, which is where tariffs feed most directly into US retail prices, while the politically sensitive farm and strategic-materials categories are untouched^3,10. One report noted the arrangement would ease inflation while also allowing Chinese firms to benefit³.

Covered goods will not see reductions in existing duties according to one account of Greer’s remarks⁹, which is a meaningful caveat on how much margin relief importers should assume.

What to watch

The absence of a timeline is the binding constraint⁵. Until implementation dates are published, importers cannot plan inventory or pricing around the lists.

The second thing to watch is whether soybeans and rare earths are added in a later tranche. Farm-state pressure is the obvious channel, given that agricultural purchases were a headline deliverable of the summit and that soybean growers are publicly dissatisfied^8,11. Treasury Secretary Scott Bessent and Greer fronted the announcement, so any expansion is likely to come through the same channel⁵.