The U.S. should lift “unreasonable” tariffs and create the conditions for greater bilateral trade, the Chinese Commerce Ministry said when asked whether China will end a suspension of U.S. soybean purchases that could cost American farmers billions of dollars in sales.
As part of an ongoing trade war between the world’s two largest economies, China has imposed retaliatory tariffs on soybeans, a core U.S. agricultural export. China, the world’s biggest buyer of soybeans and normally the top export market for American soybean farmers, has not bought any from the U.S. since late May, sourcing instead from South American countries such as Brazil and Argentina.
“As for soybean trade, the U.S. side should take proactive steps to remove relevant unreasonable tariffs, create conditions for expanding bilateral trade, and inject more stability and certainty into global economic development,” ministry spokesperson He Yadong told reporters in Beijing yesterday.
U.S. soybean farmers say securing an immediate deal with China should be a top priority for the Trump administration.
“The frustration is overwhelming,” Caleb Ragland, president of the American Soybean Association, said in a statement Wednesday, particularly after Trump this week pledged a $20 billion bailout for his ally Argentinian President Javier Milei.
“U.S. farmers cannot wait and hope any longer,” he said.
Trump pledged yesterday to use tariff revenue to aid farmers who are “going to be hurt until the tariffs kick in to their benefit,” though the details of that plan remain vague.