Shut out of China’s massive soybean market, the United States is pressing countries across Africa and Asia to step up purchases of American soybeans, as President Donald Trump’s trade team seeks new markets, while tensions over tariffs ripple through global trade.
“We’re calling up all our soybean customers around the world as part of our trade negotiations,” Kevin Hassett, director of the National Economic Council at the White House, said in a CNBC interview on Monday. He added the Trump administration was “also getting ready to have really strong policies to support our farmers”.
With silos full and exports drying up, Beijing – a major buyer of US soybeans – has not purchased any this season, diverting orders to Brazil and Argentina instead. In retaliation for Trump’s tariffs on Chinese goods, China imposed a 25 per cent levy on American soybeans in April, further eroding their price competitiveness.
Beyond Beijing, top importers of US soybeans include Mexico, the European Union, Japan and Indonesia. Yet Trump’s team is pushing into untested markets such as India, already burdened by tariffs, as American farmers hunt for buyers from Vietnam to Nigeria.
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US farmers hurting over flooding and trade war
US farmers hurting over flooding and trade war
India, which is currently slapped with 50 per cent tariffs, including 25 per cent related to its purchases of Russian oil, is another possible buyer.
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