The world's two largest economies are locked in a prolonged tariff battle that has dragged on for more than a year. Both countries have slapped additional levies on billions of dollars worth of each other's goods, and the escalating tensions have spooked markets and hurt the outlook for global economic growth.
That has sent American soybean exports to China falling sharply, with total shipments to the Asian economic giant expected to end this marketing year some two-thirds lower, said Jim Sutter, chief executive officer of the U.S. Soybean Export Council. "This year our exports to China look like they'll be a third of what they had been in the last few years, so instead of being 30 million tons like they were last year, it looks like they'll be around 10 this year...That's a huge difference," Sutter told CNBC at the S.E. Asia U.S Agriculture Co‐operators Conference in Singapore.
China is the world's largest consumer of soybeans and accounted for 60% of U.S. soybean exports before the trade dispute pulled shipment levels down. China made up $5.9 billion in U.S. farm product exports in 2018, according to the U.S. Census.
China has bottomed. Zero is as low as it goes. China is suffering for it and food inflation is 7%.
Streamenizer Even the corn farmers have become angry. They want to give Trump an earful.
SOCIALISM, BY REPUBLICANS.
Crops aren’t moving. There’s no market’: Why so many family farms are facing bankruptcy
Our farmers are the best in soybeans. They will be fine in the long run.
Our planet has sufficient food & resources for all ! Our world's one country & humankind its citizens ! Let's deal with each-other fairly, in all's best interest ! Yes, our world is like one country, in unity in diversity, with good will & reciprocal respect, we'll have peace !!
God bless the American farmers.
Dump a few truck loads on the White House lawn
Wait, what? I thought the Chinese were paying these tariffs?
Soybeans are a commodity, so one country not buying from another shouldn't really matter long term. Which country they buy from will simply switch.
Putin's puppet doing just as he is told. And the Republicans call US the Communists?
*Come buy our rotting soybeans*