Markets have been waiting for news on Chinese tariff cuts on US farm goods following last week’s Washington summit of leaders Xi Jinping and Donald Trump.

The agricultural tariff cuts are part of the $60 billion package of reciprocal tariff cuts negotiated by the Board of Trade and unveiled for the first time on Monday.

The list covers sorghum, vegetable oils and meals, including soya oil and soya meal, along with meat, dairy products and other items.

While the proposal identifies the covered products, it does not specify when the tariff cuts will take effect.

More than 90 per cent of the covered products will be exempt from all additional tariffs imposed on each other and will instead be subject to most-favoured-nation tariff rates, the commerce ministry said in a statement.

US soybeans, however, still face an additional tariff of 10pc, which traders have warned is too high for private crushers to absorb, even as Chinese state buyers have stepped up purchases.

“Despite the soybean being a non-sensitive item in trade, the political significance of China’s soybean purchase is enormous and carries major political implications,” said Feng Chucheng, founder and partner at Hutong Research.

Keeping soya beans on a separate track gives Beijing leverage in its dealings with Washington, especially ahead of the US midterm elections, Feng added.

Chinese state-run agricultural companies Sinograin and COFCO have bought more than 12 million metric tons of US soya beans, nearly half the 25 million the White House has said Beijing committed to buying annually through 2028.

Trade in the agricultural and related products on Monday’s list stood at about $17 billion in 2024, roughly matching China’s reported purchase commitment, excluding soya beans, according to Reuters calculations.

In May, the White House said Beijing had agreed to buy that volume annually through 2028, but China has yet to confirm any target for such purchases.

State-run companies will continue to buy US soya beans and the tariff cuts on other goods will help China meet the $17 billion commitment, said a trader based in Asia with an international company that sells soya beans to China who spoke on condition of anonymity.

Without tariffs, the landed cost for both US and Brazilian beans is roughly $595 per ton, although Brazilian soya beans are generally preferred for their higher oil and protein content, according to traders. At those prices, Chinese private crushers are running at negative margins.

The most-active soya bean contract on the Chicago Board of Trade (CBOT) was trading down 1.38pc at $13-3/4 per bushel as of 0709 GMT.

Addressing media in Islamabad, Chaudhry recalled that KP Chief Minister Sohail Afridi held a “very lengthy” press conference in Dera Ismail Khan in the wake of Saturday’s deadly suicide blast.

“Why did they not condemn Afghanistan? Why do you have a soft attitude on Afghanistan? Why do you deliberately employ such ambiguity and demeanour, and do not openly condemn or name the real enemy or the source of these proxies?” he asked.

At the outset of his press conference, Chaudhry noted that terrorist “proxies are financed by our eastern border and their hideouts are on the western border”.

He emphasised that Pakistan had employed “every way” to convey its concerns to Kabul, including dialogue, dossiers and international forums, but to no avail.

More to follow

Two passersby were also injured in the firing and were subsequently taken to a hospital for treatment, the report added.

Police said the attackers fled with the traffic police mobile van. A heavy contingent of police reached the site shortly afterwards and cordoned off the area, while a search operation was launched to trace the suspects and recover the vehicle.

An investigation into the attack was underway, with efforts being made to identify and arrest those involved, police say.

Khyber Pakhtunkhwa Governor Faisal Karim Kundi expressed deep sorrow over the attack and sought a report from the relevant senior authorities. In a statement, the governor conveyed his condolences to the bereaved families and colleagues of the martyred policemen.

Kundi directed the authorities to ensure that all possible medical treatment was provided to the injured and prayed for their early recovery.

Earlier this month, at least 21 people, including 15 police officials, were martyred when an explosives-laden vehicle detonated near a mosque in Kohat Police Lines, followed by terrorists storming the compound and attacking police facilities, according to senior police and district health officials.

On July 26, a terrorist attack on a joint police checkpost in Khyber Pakhtunkhwa’s Tank district martyred 15 people, including 14 security personnel, the military’s media wing.

Among those martyred were 12 soldiers, two policemen and a government official.

In another attack during the same month, two cops were martyred and as many injured in what police suspected was an improvised explosive device (IED) attack.

KP has been facing security challenges, and according to monthly data compiled by the Pakistan Institute for Conflict and Security Studies (PICSS), mainland KP recorded 54 terrorist attacks last month, marking a 50 per cent increase compared to July.

The Pakistan Meteorological Department (PMD) recorded 33mm of rain at Saidpur village on Monday morning. Golra, near E-11, received 25mm of rain, while Pirwadhai and Gawalmandi recorded 28mm and 27mm, respectively. According to PMD data, 23mm of rain was recorded in H-8, 22mm in I-12 and 29mm in Shamsabad.

In its update, the PMD advised residents to stay away from Nullah Lai.

“Nullah Lai is being continuously monitored, and the public is being kept informed in a timely manner,” Rawalpindi Commissioner Salman Ghani said.

The water flow is currently normal, according to the authorities.

The water level in Nullah Lai stands at 5.5 feet at Katarian and 2 feet at Gawalmandi.

In a post on X, the Islamabad Traffic Police said its officers were ensuring a smooth flow of traffic and urged residents to adhere to traffic advisories and cooperate with the police.

Heavy rain caused two flight diversions, Pakistan Airports Authority (PAA) said.

A Pakistan International Airlines flight from Paris to Islamabad was diverted to Multan airport, where it landed at 5:44am, later departing for Islamabad at 8:21am, PAA said.

Furthermore, an AirSial flight from Jeddah to Islamabad was diverted to Peshawar due to “bad weather”, landing at 10:25am, PAA said.

Drainage operations were under way in the twin cities, while the Water and Sanitation Agency (Wasa) Rawalpindi had deployed staff and heavy machinery in low-lying areas.

Heavy machinery had been stationed at Liaquat Bagh, Committee Chowk Underpass, Murree Road, Dhok Khabba, Circular Road and low-lying areas of Sadiqabad.

Citizens were urged to contact the district administration or the Wasa helpline in case of an emergency.

or the rest of the week, the PMD has forecast mainly dry weather in most parts of the country, while partly cloudy weather with isolated rain, wind and thunderstorms is expected in the northern hilly areas of Khyber Pakhtunkhwa and Gilgit-Baltistan.