Following his successful meeting with President Xi Jinping in South Korea, President Trump convinced President Xi to continue purchasing, or begin purchasing again, American soybeans, which is something China wasn't doing under the last administration because they had no respect for President Biden or for the country at the time. But now they know President Trump is not messing around. He's going to stand up for American farmers and American families.
The turmoil briefly subsided after Bessent pledged a financial lifeline. Amid the calm in the market, Argentina suspended export taxes on soybeans, which prompted China to swoop in and buy Argentine soybeans in the kinds of volumes it would typically buy from U.S. farmers. American farm groups and lawmakers from farming states have voiced their frustrations over the turn of events. And the peso remained under pressure. Argentina has spent billions of dollars in an effort to defend the value of its currency.
