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3h ago

Trump Sets Xi Meeting With Soybeans on Agenda as China Shuns U.S. Crop

China’s halt on new-season U.S. soybean buying has shifted demand to South America, leaving farmers waiting for tariff-funded relief.

President Donald Trump meeting with Chine's President Xi for a bilateral meeting at the G20 summit in June 2019.
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Trump's aggressive trade policies and resulting fallout have weighed on US farmers, including hitting export markets like China

Overview

  • Chinese importers have booked no U.S. soybean cargos this season, instead sourcing from Brazil and Argentina.
  • Trump said he will press Xi at the late-October APEC summit and pledged to use a portion of tariff revenue for temporary farm aid, with details still unspecified.
  • Reuters reported China bought at least 10 Argentine soybean cargoes after Buenos Aires briefly rolled back grain export taxes, deepening pressure on U.S. prices.
  • An Associated Press photo showed a text to Treasury Secretary Scott Bessent warning that a planned roughly $20 billion swap line to Argentina coincided with Argentine sales to China.
  • After a closed-door briefing by Ambassador David Perdue, Republican senators said Beijing is intentionally holding off U.S. purchases to gain leverage, while farm groups urge prioritizing a trade deal.