Jul 4, 2019

U.S. farmers fight to save Chinese soybean relationships

Photo: Patrick Pleul/picture alliance via Getty Images

Soybeans farmers are seeking to save their trade relationship with China as President Trump's ongoing trade war threatens to dismantle the market, the Wall Street Journal reports.

The big picture: Retaliatory Chinese tariffs on soybeans have sunk exports, chipping away at one of agriculture's most profitable products. In 2017 alone, the U.S. shipped $21 billion in soybeans abroad — tripling numbers from the past two decades. But in 2018, that number fell 74% by volume, leading to recent prices paid to U.S. farmers plummeting to a seven-year low.

What they're doing: Soybean interests are doing their best to maintain their existing relationships, the Journal notes.

  • The Soybean Export Council will host a trade exchange for Chinese customers in Illinois next month.
  • Jim Sutter, the chief of the council, also visited one of China's largest grain traders in April to discuss resuming relationships once the tariff situation ends.
  • Director of the American Soybean Association Joe Steinkamp recently met with Chief Agricultural Negotiator for the Office of the U.S. Trade Representative Gregg Doud to discuss his worries about a thinning market burdening young farmers with difficult financial conditions.
  • Cargill Inc., a commodities company, spoke out against Trump's proposal to add tariffs to $300 billion worth of Chinese products in a June letter to U.S. Trade Representative Robert Lighthizer.

Where it stands: The administration earlier this year issued a second aid package worth $16 billion to affected farmers, while last year's announced package was worth $12 billion. Yet, the tariffs still remain as China begins to seek alternative suppliers and other soybean giants -- mainly Brazil -- creep in on the market.

Go deeper: Trump declares China trade truce

Go deeper

Joe Biden makes first public appearance in over two months

Photo: Oliver Douliery/AFP via Getty Images

Former Vice President Joe Biden made his first in-person appearance in over two months on Monday to honor Memorial Day by laying a wreath at a Delaware veterans park, AP reports.

Why it matters: Biden, the Democratic Party's presumptive nominee, has taken the unprecedented step of campaigning from his home during the coronavirus pandemic, ever since canceling a rally in Cleveland on March 10.

WHO temporarily suspends trial of hydroxychloroquine over safety concerns

Photo: Fabrice Coffrini/AFP via Getty Images

The World Health Organization is temporarily pausing tests of the anti-malarial drug hydroxychloroquine as a coronavirus treatment in order to review safety concerns, the agency's director-general Tedros Adhanom Ghebreyesu said Monday.

Why it matters: The decision comes after a retrospective review published in The Lancet found that coronavirus patients who took hydroxychloroquine or its related drug chloroquine were more likely to die or develop an irregular heart rhythm that can lead to sudden cardiac death, compared to those who did nothing.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 5,449,135 — Total deaths: 345,721 — Total recoveries — 2,188,200Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 1,647,741 — Total deaths: 97,811 — Total recoveries: 366,736 — Total tested: 14,163,915Map.
  3. 2020: Trump threatens to move Republican convention from North Carolina.
  4. World: White House announces travel restrictions on Brazil Over 100 cases in Germany tied to single day of church services — Top Boris Johnson aide defends himself after allegations he broke U.K. lockdown
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 1 hour ago - Politics & Policy