Scott Besant, U.S. Secretary of the Treasury, on October 30, hinted that China would resume imports of U.S. soybeans ahead of the U.S.-China summit between President Donald Trump and Chinese President Xi Jinping.
On the same day, Secretary Besant stated on the social media platform X (formerly Twitter), "President Trump is demonstrating successful American leadership in Asia," adding, "The announcement following today's meeting between President Trump and President Xi will be a great victory for our outstanding farmers."
This remark is interpreted to mean that China is expected to agree to resume imports of U.S. soybeans at the U.S.-China summit.
According to CNN, China is the largest importer of U.S. soybeans. As of last year, the volume reached 24 billion dollars, with half of all U.S. soybean exports destined for China. However, this year, China imposed an additional 10% tariff on U.S. soybeans in retaliation for U.S. tariffs, and effectively halted imports ahead of the autumn harvest season, deepening the woes of American soybean farmers.
Meanwhile, Secretary Besant, in his post on X, criticized Democratic Senators Elizabeth Warren (Massachusetts) and Amy Klobuchar (Minnesota) as "failures." He said that they failed to end the U.S. federal government shutdown, thereby hindering the administration's efforts to support farmers and plans to operate agricultural credit institutions for next year's farmer support.
He added, "Instead of sending rambling letters to me and others, I hope they will focus their staff on reopening the government," and continued, "If they choose to vote to maintain the shutdown, ruining the busiest travel day for American families during the upcoming Thanksgiving holiday and adding to their legacy of failure, both should be ashamed."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
