soybeans

Where China is getting its goods while U.S. farmers languish

Data: The Observatory of Economic Complexity; Graphic: Lazaro Gamio/Axios

Agriculture Secretary Sonny Perdue said Tuesday the U.S. government would pay a minimum of $15 per acre in aid to farmers impacted by President Trump’s trade war with China.

Why it matters: The trade war has been crippling for U.S. farmers, as China has looked elsewhere for key crops — particularly soybeans.

U.S. farmers fight to save Chinese soybean relationships

A row of planted soybeans.
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.