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China Shuns U.S. Soybeans as White House Preps Farmer Aid Ahead of Xi Meeting

The administration plans to outline tariff-funded relief Tuesday in response to China’s halt of U.S. soybean purchases.

President Donald Trump meeting with Chine's President Xi for a bilateral meeting at the G20 summit in June 2019.
Soybean plants begin to show signs of growth at Mark Tuttle's soy farm in Somonauk, Illinois, U.S., May 30, 2024. REUTERS/Jim Vondruska
Image
U.S. Treasury Secretary Scott Bessent arrives to attend the 80th United Nations General Assembly, in New York City, New York, U.S., September 23, 2025. REUTERS/Kylie Cooper

Overview

  • Treasury Secretary Scott Bessent said "substantial support" for farmers, focused on soybean growers, will be announced Tuesday, with added coordination through the Farm Credit Bureau.
  • President Trump said he will meet China’s Xi Jinping in about four weeks at the APEC summit in South Korea and will press for renewed Chinese soybean purchases.
  • Chinese buyers have booked no U.S. soybean cargoes this season under retaliatory tariffs and have turned to South America, including at least 10 recent cargoes from Argentina reported by Reuters.
  • Officials have signaled the aid will draw on tariff revenue, and press reports say a one-time package in the $10–14 billion range is under consideration, though no final decisions have been made.
  • Republican senators briefed by Ambassador David Perdue say China is intentionally not buying as leverage, and soybean futures ticked higher Wednesday after Trump’s outreach signal.