President Donald Trump said on Wednesday that soybean farmers will get a financial break amid the United States’s tariff battles, adding that the U.S. will use “a small portion” of the revenue brought in by tariffs.
China has slowed its purchase of U.S. soybeans following the tariffs Trump announced earlier this year, prompting China to implement its own tariffs on U.S. goods. Trump said China isn’t buying soybeans for “negotiating” reasons amid the tariff fight, and said the plant’s farmers are being “hurt” in the midst of it.
“We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers. I WILL NEVER LET OUR FARMERS DOWN! Sleepy Joe Biden didn’t enforce our Agreement with China, where they were going to purchase Billions of Dollars of our Farm Product, but Soybeans, in particular. It’s all going to work out very well,” Trump said on Truth Social.
Trump also said he would meet with China’s President Xi Jinping “in four weeks,” and soybeans would be a “major topic” during their discussion. Trump announced in September that he would meet with Xi at the Asia-Pacific Economic Cooperation summit in South Korea, marking their first face-to-face meeting in Trump’s second term.
US ENERGY TARIFFS STRAIN PARTNERSHIP WITH CANADA AND RAISE COSTS
China purchased at least 10 shipments of soybeans last month from Argentina, weighing 65,000 metric tons each.
Wednesday marked another round of tariffs going into effect, including a 25% tariff on “heavy” trucks made outside the U.S., a 50% tariff on all kitchen cabinets, bathroom vanities, and associated products, and a 30% tariff on upholstered furniture. Trump further warned that he would implement a 100% tariff on movies made outside the U.S.
