US soybean exports to China remains bleak amid trade war
Amid ongoing agricultural trade negotiations between Washington and Beijing, the United States Soybean Export Council (USSEC) revealed that China is still considering to impose higher tariff on US soybeans as a way to retaliate against Trump administration’s aggressive action on Chinese steel products.
USSEC-Asia Director Paul Burke, following a meeting with China’s Ministry of Agriculture, said they are hopeful that soybean will not be targeted, but warned that the commodity remains on the negotiation table.
As the spat between the top two economies in the world continued to escalate, soybean growers in mainland U.S., who are known supporters of President Donald Trump, continued to fear for the future prospects for the crop.
Soybean is one of U.S’s top farm exports to China, worth over $12 billion. To date, China is the biggest importer of soybean, with the U.S. as it’s second biggest supplier.