"Details of the aid package are unknown, but it would come as the world's two largest economies have been unable to reach a trade deal and China has halted purchases of U.S. beans. China, the biggest foreign buyer of American soybeans for many years, last bought American beans in May and has not bought any for this harvest season, which began in September."
""The Soybean Farmers of our Country are being hurt because China is, for 'negotiating' reasons only, not buying," Trump wrote in a Truth Social post on Wednesday. "We've made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers." "I'll be meeting with President Xi, of China, in four weeks, and Soybeans will be a major topic of discussion," Trump wrote."
"U.S. farmers grew $60.7 billion worth of soybeans, or nearly 4.3 billion bushels, in the 2022-2023 marketing year, according to the American Soybean Association. Just over half were exported. Illinois is the top soybean growing state, but Iowa, Nebraska and Minnesota are also large producers."
President Trump plans a significant aid package to support U.S. soybean farmers affected by China’s boycott of American beans amid an ongoing trade dispute. Farmers worry that time is running out to reach a deal that would allow sales of this year’s crop to China. Treasury Secretary Scott Bessent indicated that substantial support for soybean farmers could be announced soon. China last bought American soybeans in May and has not purchased any for the current harvest season. Soybeans account for about 14% of U.S. food exports and China has bought roughly 25% of those exports in recent years. U.S. soybean production reached $60.7 billion, nearly 4.3 billion bushels, in the 2022-2023 marketing year, with just over half exported; Illinois, Iowa, Nebraska and Minnesota are major producers. Trump plans to meet President Xi in about four weeks, with soybeans a major discussion topic.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]