China Signals Tariff Cuts, Advances in Farm Market Access After Trump-Xi Summit

An aerial view of newly imported cars parked at the automobile terminal at the Port of Los Angeles on May 08, 2026 in Wilmington, California. (Getty Images/AFP)
An aerial view of newly imported cars parked at the automobile terminal at the Port of Los Angeles on May 08, 2026 in Wilmington, California. (Getty Images/AFP)
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China Signals Tariff Cuts, Advances in Farm Market Access After Trump-Xi Summit

An aerial view of newly imported cars parked at the automobile terminal at the Port of Los Angeles on May 08, 2026 in Wilmington, California. (Getty Images/AFP)
An aerial view of newly imported cars parked at the automobile terminal at the Port of Los Angeles on May 08, 2026 in Wilmington, California. (Getty Images/AFP)

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 "finalized as soon as possible," the ministry said following US President Donald Trump's visit.

China's farm imports from the US 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 US ‌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 US farm goods after an October meeting, fulfilling a US-stated commitment to buy 12 million metric tons of soybeans by the end ⁠of February. It has also purchased some US ‌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 US harvest, when state crop traders were the only buyers.

"Tariff reductions on agricultural products would mark a normalization of China-US farm trade, allowing commercial buyers to re-enter the market," ‌said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

The ministry said both sides agreed to "resolve or ⁠make substantive progress" ⁠on non-tariff barriers and market access issues.

China will work to address US concerns over registration of beef facilities and poultry exports from certain US states, it said.

Beijing on Friday granted five-year registration extensions to 425 US beef plants that had largely been shut out after their registrations lapsed last year, and approved new five-year registrations for 77 additional US facilities.

US Trade Representative Jamieson Greer said on Friday the US expects China to buy "double-digit billions" worth of US farm goods over the next three years, although neither side has yet released details on specific products, values or volume.



Container Ship Arrives in UK After Voyage from China via Arctic

The Dubai Tower, a Chinese cargo ship, arrives in Teesport, Britain, September 9, 2026. (Reuters)
The Dubai Tower, a Chinese cargo ship, arrives in Teesport, Britain, September 9, 2026. (Reuters)
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Container Ship Arrives in UK After Voyage from China via Arctic

The Dubai Tower, a Chinese cargo ship, arrives in Teesport, Britain, September 9, 2026. (Reuters)
The Dubai Tower, a Chinese cargo ship, arrives in Teesport, Britain, September 9, 2026. (Reuters)

A ‌container ship arrived in Britain on Wednesday after a landmark voyage from China via the Arctic, as part of plans for more vessels to use the route as a shorter and potentially safer alternative to the Suez Canal.

The Dubai ‌Tower arrived ‌at Teesport off England's ‌northeast coast ⁠after leaving eastern ⁠China on August 15.

The Arctic voyage, which is significantly quicker compared to freighters going through the Suez Canal or around the Cape of Good ⁠Hope, is intended to ‌be the ‌start of a regular container service ‌to Europe via the so-called ‌North Sea Route.

A South Korean container ship is also currently making a similar voyage, joining China and ‌Russia in having shipping firms testing cargo services along ⁠the ⁠route, which is more feasible due to faster melting of Arctic sea ice.

The route offers shorter journeys and avoids security risks in the Middle East, as the US war with Iran continues. But weather and sailing conditions can be unpredictable and its commercial feasibility is uncertain.


Riyadh Ranked Among Top 100 Global Innovation Clusters

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)
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Riyadh Ranked Among Top 100 Global Innovation Clusters

A view of Riyadh, Saudi Arabia. (SPA)
A view of Riyadh, Saudi Arabia. (SPA)

The Global Innovation Index has ranked Riyadh among the top 100 innovation clusters worldwide for 2026, making it the only Gulf city to attain this classification.

Riyadh placed 92nd globally, with key metrics including 419 venture capital deals in innovation and 162 international patent applications filed.

The report highlighted the main entities contributing to the capital's position in research and innovation. In research, King Saud University, Princess Nourah bint Abdulrahman University, and Prince Sultan University led the efforts, while SABIC and Aramco spearheaded innovation contributions.

The ranking reflects the Kingdom's integrated research and innovation ecosystem, supporting researchers and innovators in line with Saudi Vision 2030.


Türkiye to Start Oil-Targeted Drilling in Western Black Sea Soon, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
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Türkiye to Start Oil-Targeted Drilling in Western Black Sea Soon, Minister Says

Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)
Türkiye's Energy Minister Alparslan Bayraktar speaks as he meets with reporters at Antalya Diplomacy Forum in Antalya, Türkiye, April 18, 2026. (Reuters)

Türkiye will soon begin drilling a challenging oil-targeted well in the western Black Sea, Energy Minister Alparslan Bayraktar said ‌on Wednesday.

"We ‌will soon ‌begin ⁠drilling an oil-targeted ⁠well in the western Black Sea. It will be a difficult ⁠drilling operation and will ‌take ‌some time," ‌Bayraktar told broadcaster ‌CNBC-e.

Türkiye has previously said it plans six exploration ‌wells across the western, central and eastern ⁠Black ⁠Sea in 2026 as it seeks new oil and natural gas discoveries.