China · Donald Trump · Xi Jinping · U.S. · Fortune Technology
After President Donald Trump launched the red carpet for his summit with China’s Xi Jinping last week
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
While seed soybeans, soybean flour, and by-products from soybean processing made the cut for tariff relief, the raw soybeans American farmers sell in bulk to China—the ones at the heart of U.
Key facts
- When Beijing then imposed a 25% retaliatory tariff on U.S. soybeans in 2018, the USDA estimated farmers absorbed $9.4 billion in soybean losses, costing Iowa $1.2 billion and Illinois $1.3 billion
- In November, he struck a deal with Xi under which China committed to buying at least 25 million metric tons of soybeans in 2026, 2027, and 2028
- After President Donald Trump rolled out the red carpet for his summit with China’s Xi Jinping last week, the U.S. and China agreed to move toward lower tariffs on $30 billion worth of goods in each
- The U.S. exported $16.5 billion worth of soybeans last year, making soybeans the second-largest agricultural export after corn, according to the U.S. Department of Agriculture
Summary
After President Donald Trump rolled out the red carpet for his summit with China’s Xi Jinping last week, the U.S. and China agreed to move toward lower tariffs on $30 billion worth of goods in each direction. Soybeans are one of the country’s biggest agricultural exports, and China is the most important buyer. That dependence has made soybeans vulnerable to swings in U.S.-China trade policy. The Midwest bears the brunt of this pressure.