Summary
U.S. soybean sales to China have stopped because China raised tariffs on soybeans, retaliating against U.S. import duties on Chinese products. President Donald Trump plans to discuss this issue with China's President next week to increase China's soybean purchases. Experts say that while Chinese purchases might resume, U.S. farmers probably won't regain their previous market share in China.
Key Facts
- China imposed a 44% tariff on U.S. soybeans as a reaction to U.S. tariffs on Chinese goods.
- President Trump wants any deal with China to include increased soybean purchases.
- U.S. soybean exports to China have heavily decreased, hurting U.S. farmers.
- The U.S. has historically been a major supplier of soybeans to China, which is a large importer.
- China is now buying more soybeans from Brazil and Argentina.
- Reports say China will not likely return to buying U.S. soybeans at previous levels.
- China seeks to reduce reliance on U.S. soybeans for better food security.
- The American Soybean Association reports soybeans are 14% of U.S. agricultural exports.
