Overview

• President Donald Trump said he may cut tariffs on China if Beijing resumes U.S. soybean purchases to at least prior volumes and halts fentanyl shipments to the United States.
• The October tariff escalation added 100% to existing 30% duties on Chinese goods and remains in place unless China meets the stated conditions.
• U.S. soybean exports to China fell nearly 78% from January to August 2025 as China redirected demand to suppliers such as Brazil and Argentina, according to the American Farm Bureau Federation.
• Trump said the United States may buy Argentine beef to lower meat prices, pointing to pressure from a Texas drought and reduced Mexican imports due to a cattle pest.
• Treasury Secretary Scott Bessent said Washington is negotiating a temporary $20 billion financing line with Argentina’s central bank and is prepared to purchase Argentine debt, with support tied to the results of upcoming legislative elections.