News

Economy & Business

China Buys American Soybeans after Vowing to Boycott U.S. Farm Products

Farmer Jim Schielein inspect his soybean crop in Dixon, Ill., in 2013. (Jim Young/Reuters)

China purchased a comparatively small amount of U.S. soybeans several days ago after promising to boycott U.S. farm products amid deteriorating trade negotiations with the Trump administration.

Beijing reached agreements last week to buy 9,589 metric tons of American soybeans for the current marketing year and 66,000 metric tons for the following year, which starts September 1, according to data from the U.S. Department of Agriculture released Thursday.

An August 5 statement from China’s Ministry of Commerce said Chinese companies would boycott American farm products in response to the Trump administration’s heavy tariffs on Chinese products. In May, the White House upped tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent, claiming Beijing had reneged on the previously agreed terms of a trade deal. The U.S. also currently has a 25 percent tariff on $50 billion worth of Chinese high-tech products.

In response, China has slapped 25 percent tariffs on tens of billions in U.S. goods, including cars, planes, propane, soybeans, beef, and whiskey. The duties caused a steep drop in American farm exports, and the Trump administration has since compensated farmers up to $28 billions for their losses.

Despite apparently breaking its boycott, China, which is the world’s largest soybean importer, is still not purchasing anywhere near as many American soybeans as it has in the past. Last year, American sales of soybeans to China dropped 74 percent as Beijing gave its business to South America.

President Trump has long complained about China’s trade practices, accusing the country of contributing heavily to the U.S. trade deficit as well as stealing intellectual property from American companies.

“Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!” the president wrote in a tweet around the time of China’s retaliatory tariffs.

The administration had said it planned to impose tariffs on another $300 billion in Chinese goods by September 1, but later said it would delay imposing them until December.

“Despite the U.S. decision to delay tariffs on some Chinese goods . . . if the United States rides roughshod over China’s opposition and imposes any new tariffs, China will be forced to adopt retaliatory actions,” Chinese Ministry of Commerce spokesman Gao Feng said Thursday.

Most Popular

Elections

Bernie’s Huge Victory

Bernie had a massive night in Nevada, with a diverse nomination-winning-type coalition. According to the entrance poll, he won whites and Hispanics and did well among blacks. He won men and women. He won college graduates and did particularly well with non-college graduates. He won Democrats and independents. ... Read More
Elections

Bernie’s Huge Victory

Bernie had a massive night in Nevada, with a diverse nomination-winning-type coalition. According to the entrance poll, he won whites and Hispanics and did well among blacks. He won men and women. He won college graduates and did particularly well with non-college graduates. He won Democrats and independents. ... Read More
U.S.

Women’s Sports Should Be Women’s Sports

Transgender sports policies make a mockery of women’s competition. Just look at the state of Connecticut. At the 2018 state open for women’s track and field, two young men identifying as transgender took first and second place in the 100m race. Their participation not only deprived young women of their ... Read More
U.S.

Women’s Sports Should Be Women’s Sports

Transgender sports policies make a mockery of women’s competition. Just look at the state of Connecticut. At the 2018 state open for women’s track and field, two young men identifying as transgender took first and second place in the 100m race. Their participation not only deprived young women of their ... Read More
Elections

Bernie’s Houses

Mike Bloomberg scored a hit -- a palpable hit -- in the debate this week when he pointed back at Bernie Sanders and said: “What a wonderful country we have, the best-known socialist in the country happens to be a millionaire with three houses.” Many conservatives laughed and cheered and wondered why Bernie ... Read More
Elections

Bernie’s Houses

Mike Bloomberg scored a hit -- a palpable hit -- in the debate this week when he pointed back at Bernie Sanders and said: “What a wonderful country we have, the best-known socialist in the country happens to be a millionaire with three houses.” Many conservatives laughed and cheered and wondered why Bernie ... Read More

Elon Musk’s Plan to Settle Mars

He who follows Freedom, let him leave his homeland, and risk his life. — Adam Mickiewicz, Polish poet, 1832 Last week my wife Hope and I traveled to Boca Chica, Texas, to meet with Elon Musk. While we talked inside the SpaceX onsite headquarters, a mariachi band played outside, providing entertainment for ... Read More

Elon Musk’s Plan to Settle Mars

He who follows Freedom, let him leave his homeland, and risk his life. — Adam Mickiewicz, Polish poet, 1832 Last week my wife Hope and I traveled to Boca Chica, Texas, to meet with Elon Musk. While we talked inside the SpaceX onsite headquarters, a mariachi band played outside, providing entertainment for ... Read More

Escape from Wuhan

The onset of the crisis in Wuhan startled me like a jump scare in a horror movie. You’ve seen the kind I mean. The audience is led to believe that the monster, psycho killer—or what have you—pursuing the intended victim is still distant. Then whatever it is stands up from behind, leaps out in front, bursts ... Read More

Escape from Wuhan

The onset of the crisis in Wuhan startled me like a jump scare in a horror movie. You’ve seen the kind I mean. The audience is led to believe that the monster, psycho killer—or what have you—pursuing the intended victim is still distant. Then whatever it is stands up from behind, leaps out in front, bursts ... Read More