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Workers moving soybeans at a Chinese port. Photo: -/AFP via Getty Images

China, the world’s biggest soybean importer, has bought a record amount of soybeans from Russia while canceling multiple soy shipments from the U.S. in retaliation to the Trump administration's tariffs on Chinese goods, reports Bloomberg.

Why it matters: American farmers are heavily dependent on soybean production as a source of revenue. In 2016, soybeans accounted for 12% of exports from the U.S. to China. But that stream is now dissipating with China using subsidies incentivizing their own farmers to cut reliance on U.S. soybeans.

But, but, but: Russia supplies less than 1% of China's soybeans.

Go deeper: Soybeans are a political ground zero in Trump's trade war with China.

Go deeper

21 mins ago - World

Putin is challenging Ukraine's "right to exist," Blinken says

Blinken (L) speaks in Berlin on Thursday. Photo: Kay Nietfeld - Pool/Getty

Secretary of State Tony Blinken put the stakes of a Russian invasion of Ukraine in stark terms on Thursday, saying Vladimir Putin's threat is a direct challenge to Ukraine's "right to exist" as an independent country and a democracy.

What he's saying: “There’s been a lot of speculation about President Putin’s true intentions, but we don’t actually have to guess. He’s told us, repeatedly. He’s laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation," Blinken said during a speech in Berlin.

Dan Primack, author of Pro Rata
57 mins ago - Politics & Policy

Jared Kushner wants to Trump-proof his private equity future

Illustration: Rebecca Zisser/Axios

Jared Kushner appears to have convinced the private equity market that he'll stick with his new firm, called Affinity Partners, even if his father-in-law returns to the White House.

The big picture: Private equity is littered with former presidential advisers and cabinet officials, and Trump's is proving to be no different.

1 hour ago - World

Ukraine president to Biden: "There are no minor incursions"

Photo: Doug Mills-Pool/Getty Images

Ukrainian President Volodymyr Zelensky responded on Thursday to President Biden's suggestion that a "minor incursion" by Russia may not draw the same response as a large invasion, which some in Kyiv saw as inviting Russian aggression.

What he's saying: "We want to remind the great powers that there are no minor incursions and small nations. Just as there are no minor casualties and little grief from the loss of loved ones. I say this as the President of a great power," Zelensky tweeted.