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China triples Russian soybean imports as it cuts reliance on U.S.

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

Mike Allen, author of AM
22 mins ago - Economy & Business

America on borrowed time

Illustration: Aïda Amer/Axios

Economic recovery will not be linear as the world continues to grapple with the uncertainty of the pandemic.

Why it matters: Despite being propped up by an extraordinary amount of fiscal stimulus and support from central banks, the state of the global economy remains fragile.

Go deeper (<1 min. read)Arrow
Jonathan Swan
11 hours ago - Politics & Policy

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Go deeper (3 min. read)Arrow
Axios
Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines — "Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode again — Fed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.
Go deeper (1 min. read)Arrow