China's Soybean Feud With Trump Leaves US Farmers With Huge Crops and Few Buyers
(Bloomberg) -- Each fall, US farmers harvest a soybean crop so immense, it covers more acres than Arizona. But this year, their biggest buyer — China — has walked away.
Beijing imposed retaliatory tariffs on US farm goods in March, effectively slamming the door shut on US soybean imports for commercial buyers before the harvest even began. The move has given China leverage in its trade war with President Donald Trump by squeezing the farmers who form a key part of his base. A country that last year purchased $13 billion of US beans — more than 20% of the entire crop — for animal feed and cooking oil officially still hasn’t booked a single shipment from this fall’s bounty. Seeking a trade deal, Trump and his counterpart Xi Jinping are scheduled to meet next week.
Criticizing Trump doesn’t come easily to many farmers. But as soybeans pile up in silos and storage bins, it’s hard not to feel like collateral damage in a fight they didn’t pick. They worry that even if a deal is reached, the war will inflict lasting harm, with China determined to buy more soy from Brazil and Argentina rather than depend on the US. And while they’d accept government financial help during the trade fight, they’d rather be able to sell their beans.
“There’s a lot on the line for both countries, and we’re all better off when we are finding ways to work together than when we are in this trade war,” said Kentucky farmer Caleb Ragland, who is also president of the American Soybean Association. He noted that rural Americans have been among Trump’s strongest supporters and need help now.
https://www.msn.com/en-us/money/markets/china-s-soybean-feud-with-trump-leaves-us-farmers-with-huge-crops-and-few-buyers/ar-AA1P2R3N
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