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This week, Treasury Secretary Scott Bessent announced the U.S. government was in negotiations to extend a $20 billion swap line to the Argentine government and potentially purchase the country’s foreign bonds. Almost immediately after, a reported 20 shiploads of Argentine soybeans were purchased by China after the Argentine government announced it would waive taxes on its soybean exports.
Upon this news, American Soybean Association President Caleb Ragland issued the following statement:
“U.S. soybean farmers have been clear for months: the administration needs to secure a trade deal with China. China is the world’s largest soybean customer and typically our top export market. The U.S. has made zero sales to China in this new crop marketing year due to 20% retaliatory tariffs imposed by China in response to U.S. tariffs. This has allowed other exporters, Brazil and now Argentina, to capture our market at the direct expense of U.S. farmers. The frustration is overwhelming. U.S. soybean prices are falling, harvest is underway, and farmers read headlines not about securing a trade agreement with China, but that the U.S. government is extending $20 billion in economic support to Argentina while that country drops its soybean export taxes to sell 20 shiploads of Argentine soybeans to China in just two days.
U.S. farmers cannot wait and hope any longer. ASA is calling on President Trump and his negotiating team to prioritize securing an immediate deal on soybeans with China. The farm economy is suffering while our competitors supplant the United States in the biggest soybean import market in the world.”
ASA news release
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