US-China Trade Forum Leaves Soybeans Out, Farmers Call It Missed Opportunity
US soybean farmers called China’s exclusion of soybeans from a new tariff-reduced trade mechanism a missed opportunity for American agriculture.
A new US-China trade forum unveiled by both sides on Sunday has left US soybeans out of a tariff-reduced export arrangement, prompting criticism from American soybean farmers.
Soybeans left off new export list
The mechanism covers a range of US agricultural products for export to China, including meat, dairy, corn, wheat, sorghum and vegetable oils.
Soybeans were notably absent from the list, even though analysts and industry experts had expected the crop to be included before last week’s summit between Chinese President Xi Jinping and US President Donald Trump.
US soybean farmers described the exclusion of US soybeans from China’s import list under the newly announced Board of Trade mechanism as a “missed opportunity”.
“This was a missed opportunity for the American farmer,” said John Bartman, an Illinois-based fifth-generation soybean farmer.
Why the exclusion stands out
The expectation around soybeans was tied to the tariff-reduced arrangement discussed ahead of the Xi-Trump summit last week.
US soybeans still face a 10 per cent tariff in China, according to the source material.
The exclusion also came even as Beijing ramped up purchases of the crop ahead of last week’s summit between Xi and Trump.
The newly announced forum therefore included several US farm exports for China while leaving out a crop that analysts, industry experts and soybean farmers had been watching closely.
Source: South China Morning Post
Frequently asked questions
What did the new US-China trade forum exclude?
The newly announced forum left US soybeans out of a tariff-reduced export arrangement for agricultural products sold to China.
Which US agricultural products were included in the mechanism?
The mechanism covers products including meat, dairy, corn, wheat, sorghum and vegetable oils.
How did US soybean farmers react to the exclusion?
US soybean farmers called the exclusion a “missed opportunity,” with Illinois farmer John Bartman saying it was a missed opportunity for the American farmer.
Why was the soybean exclusion notable?
Analysts and industry experts had expected soybeans to be included before the Xi-Trump summit, and US soybeans still face a 10 per cent tariff in China.
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