Farmer John Duffy loads soybeans from his grain bin onto a truck before taking them to a grain elevator. Photo: Scott Olson via Getty Images
European imports of American soybeans spiked 283% in the last year, and the United States' share of total EU soybean imports reached 37% last month, compared to just 9% in July 2017, per a new report from the European Commission.
Why it matters: The dramatic jump suggests imports were already on the rise before President Trump and European Commission President Jean-Claude Juncker reached a handshake agreement on trade last week. According to Bloomberg, this is likely a result of the retaliatory tariffs China slapped on U.S. soybeans last month, which shook up global markets and opened up the EU as a logical trade target.