US President Trump is considering terminating some trade with China, including trade related to edible oils.
Foreign media reports state that on the 14th, Trump posted on social media: “China deliberately stops purchasing our soybeans, causing difficulties for our soybean farmers. I believe this is an act of economic hostility. In retaliation, we are considering terminating trade with China related to edible oil and other areas.”
“For example, we can easily produce cooking oil ourselves, there is no need to buy from China.”
China is the world’s largest soybean buyer. After the escalation of the US-China tariff trade war, China significantly reduced purchases of US soybeans and instead bought soybeans from Brazil and Argentina. Trump considers this China’s negotiation tactic. Earlier this month, Trump stated that he hoped to discuss the soybean issue with Chinese President Xi Jinping, and warned that the US may suspend the import of a large number of goods from China.
US Treasury Secretary Bessent said in an interview with Fox Business Channel on the 13th that Trump and Xi Jinping are expected to meet in South Korea.
The Asia-Pacific Economic Cooperation (APEC) leaders’ summit will be held from October 31 to November 1 in Gyeongju, South Korea.