Summary
American soya bean farmers are facing financial challenges due to a trade dispute between the United States and China. China, which used to buy a lot of US soya beans, has reduced its purchases significantly after President Trump imposed tariffs on Chinese imports, leading to higher Chinese tariffs on US products. This has caused soya bean prices to drop and increased competition from other countries.
Key Facts
- The US has seen a reduction in soya bean exports to China, their biggest buyer, by over 50% this year.
- Soya bean prices in the US have decreased by about 40% compared to three years ago.
- China imposed a 20% tariff on US soya beans after US tariffs on Chinese goods.
- Argentina has made its soya beans more appealing to China by suspending its export tax.
- President Trump promised to use tariff revenues to support US farmers but has not provided specifics.
- Farm bankruptcies in the US increased by about 50% this year compared to 2024.
- Costs for farming supplies have risen as a result of the tariffs.
- US farmers are under more financial pressure due to these trade issues.
