[Gyeongju APEC] "Trump Does Not Understand Reality": U.S. Soybean Farmers Pin Hopes on Resuming Exports to China

U.S. and China Likely to Sign Trade Agreement on the 30th
Farmers Hope for Resumption of Exports to China Halted Since May
"Brazil and Argentina Are Taking Over the Market"

A soybean farm owner in Illinois, USA. Photo by Reuters Yonhap News

With the United States-China summit between President Donald Trump and Chinese President Xi Jinping scheduled to take place in Busan on October 30, American soybean farmers are urging "cooperation" rather than "confrontation," according to a report by the Hong Kong daily South China Morning Post (SCMP).

On October 28 (local time), SCMP reported that American farmers are advocating that "partnership benefits both countries, rather than trying to pressure China by force." They argue that, as the burden of costs such as fertilizer and agricultural machinery is rising, it is necessary to expand export markets.

David Burrier, a third-generation farmer continuing his family business in Maryland, said, "China is a good partner, and we need to create a relationship that works for both sides." Other farmers criticized President Trump, saying, "He does not fully understand the reality," and expressed that American farmers "feel left behind as China, Argentina, and Brazil are rapidly replacing the U.S. in the market."

Since President Trump escalated the U.S.-China trade war in May this year, China has suspended purchases of American soybeans, leaving U.S. farmers facing a severe sales crisis. According to the United States Department of Agriculture (USDA), in 2024, U.S. soybean exports to China amounted to approximately 12.64 billion dollars (about 18 trillion won), accounting for more than half (52%) of the total U.S. soybean export value (24.47 billion dollars). The American Soybean Association even sent a letter to President Trump in August requesting support.

With only one day left before the U.S.-China summit, American soybean farmers are hoping for a resumption of exports to China. In fact, Forbes reported that the price of U.S. soybeans reached its highest level in 15 months on October 28, reflecting market expectations.

Previously, U.S. Treasury Secretary Scott Besant stated during the Association of Southeast Asian Nations (ASEAN) summit that the United States and China had agreed on a basic framework for a trade deal in a meeting with Chinese Vice Premier He Lifeng. This agreement is expected to be formally signed at the summit between the two leaders.

However, there are opposing views that even if this agreement improves bilateral relations, it may not bring substantial benefits to American soybean farmers.

This is because, in recent years, the Chinese government has significantly reduced its dependence on U.S. soybeans, and the United States has long lost its position as the top soybean exporter to China to Brazil. China's imports of U.S. soybeans are expected to reach only about 8 to 10 million tons this year, the lowest since 2006. In contrast, Brazil is projected to export approximately 112 million tons to China in 2025-2026, which is considered more than sufficient to meet China's total demand.

Bloomberg News noted, "The potential for U.S. farmers to recover exports to China is limited, and even if an agreement is reached, any rebound is expected to be short-lived." The report added, "The United States is seeking additional agricultural contracts with countries such as the United Kingdom and Japan to diversify its exports."

In this context, there is also speculation that South Korea could become an alternative export market for U.S. soybeans. Wi Sunglak, Director of National Security at the Presidential Office, stated, "The soybean issue was discussed during the Korea-U.S. agricultural tariff negotiations held on the 17th." The second Korea-U.S. summit between President Lee Jaemyung and President Donald Trump is scheduled to take place in Gyeongju on the afternoon of October 29.