U.S. Congressman Sean Casten led 36 House Democrats in a letter to President Donald Trump highlighting the significant negative economic impact of his tariffs on soybean farmers and urging the president to immediately terminate the harmful tariffs.
“Soybeans are the backbone of American agriculture, contributing over $31 billion to the U.S. economy during the 2023-2024 crop year. In 2024, China purchased more than half of all U.S. soybean exports, amounting to $12.6 billion,” the lawmakers wrote. “However, in response to the tariffs you imposed earlier this year, China levied retaliatory tariffs on U.S. imports and has halted all U.S. soybean purchases since May. As a result, American farmers are at risk of becoming collateral damage in your trade war.”
China, the United States’ largest soybean trading partner, has not purchased soybeans since May due to President Trump’s tariffs. China has instead chosen to buy soybeans from Brazil and Argentina. At the same time, President Trump and Treasury Secretary Scott Bessent recently announced that the Administration would provide $20 billion in taxpayer money to bail out Argentina, which further endangers the U.S. soybean industry by providing financial support to a leading American competitor.
Source : house.gov