President Donald Trump is gearing up to discuss soybeans and other trade issues with Chinese President Xi Jinping ahead of a potential in-person meeting later this month.
Trump Optimistic On Soybean Exports, Slams Biden
Trump, during Thursday’s cabinet meeting, expressed his optimism about the future of soybeans, a major U.S. export to China. “What happens with soybeans is we’re going to see more and more, I think, opening up,” Trump said.
He also lauded the 2020 Phase One trade deal, saying it had been effective until it fell apart after he left office. The leader blamed former President Joe Biden, for not upholding the agreement.
Trump also spoke of leverage the U.S. market has over China, emphasizing the massive amounts the U.S. imports from China.
"We import from China massive amounts, and maybe we'll have to stop doing that," Trump said.
Farmers Could Receive $10 Billion In Aid: Report
The soybean trade has been a contentious issue for American farmers, who have been grappling with the impact of the U.S.-China trade dispute. Trump’s promise to address this issue has been met with cautious optimism by the agricultural community.
Trump is also mulling $10 billion aid package for U.S. farmers in response to the difficulties, as per CBS News earlier this week.
The administration has come under fire for its $20 billion bailout for Argentina, which experts argue undercuts American soybean farmers who are already struggling under the trade and tariff regime.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
