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In The Midst Of The Worst Recent Trade Crisis, Trump Accuses Beijing Of Economic Sabotage For Abandoning US Soybeans And Threatens To Cut Cooking Oil Imports, As Well As Imposing 100% Tariffs On Chinese Products
The President of the United States, Donald Trump, intensified his tone against China again, stating on Tuesday that his administration is considering “Ending Business With China Related To Cooking Oil.”
The measure would be a direct retaliation to the decision of Beijing to stop purchasing American soybeans, an action that the leader classified as a “Economically Hostile Act.”
Trump stated that the Chinese refusal aims to harm agricultural producers in the United States, who are suffering from the decline in Exports of the grain.
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On his Truth Social network, he suggested that the US may produce cooking oil domestically, reducing dependence on the Chinese product.
Soybeans And Cooking Oil At The Center Of The Dispute
China is traditionally the largest buyer of US soybeans, having imported about 27 million metric tons in 2024, amounting to nearly US$ 12.8 billion.
However, since May, the Asian country has not purchased the American product amid the intensification of the trade war.
With retaliatory tariffs making US soybeans more expensive, Chinese importers have started seeking suppliers in South America.
Argentina, for instance, suspended export taxes on the same day that Washington announced a US$ 20 billion currency swap package to boost the Argentine economy. Coincidentally, President Javier Milei visited the White House on Tuesday, just hours before Trump’s new statements.
Meanwhile, Chinese exports of used cooking oil reached record levels in 2024, with the US accounting for 43% of total purchases.
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