China cuts tariffs on US farm goods, but keeps soybeans on the other side

China is offering Washington a little tariff relief — but the door is far from fully open.Beijing plans to cut tariffs on several US agricultural goods, while keeping an additional 10% tariff on soybeans, one of the biggest US farm exports to China.The Chinese commerce ministry’s tariff-reduction list issued on Monday includes corn, wheat, sorghum, vegetable oils and meals, meat and dairy products, among other agricultural goods. Soyoil and soymeal are also covered, while whole US soybeans have been excluded.The decision comes after last week’s summit in Washington between Chinese President Xi Jinping and US President Donald Trump, with markets closely watching for details on tariff relief for US farm products.The treatment of soybeans stands out as Chinese state-run buyers continue to purchase the commodity from the US. Sinograin and COFCO have bought more than 12 million metric tons of US soybeans so far.