Argentina’s soybean sales to China are soaring amid Beijing’s effective boycott of the US soybean industry, frustrating American farmers and spurring friction within the Trump administration.
China, the world’s biggest soybean customer, has ceased all US purchases since May as part of its trade war with Washington. Chinese buyers have now pivoted to Argentina, which recently suspended taxes on soybean exports ahead of a pledge from the White House to bail out Buenos Aires’ ailing economy.
Washington’s move heightened anger and alarm among US soybean farmers, as well as government officials: “This gives China more leverage on us,” the US Agriculture secretary apparently texted the Treasury secretary last week.
