Highlights
This news report was what kicked soybeans in the head late yesterday morning: a bill to revoke China's (most favored) trade status has been introduced in the US Congress. The author is Republican John Moolenaar (Michigan), chairman of the lower house's China Committee. The document proposes increasing tariffs:
35% strategic goods
100% non-strategic goods
Republicans control the lower house. The new document will become the basis for Trump's tariff policy. In response, China (is expected) to hit the agro-industrial complex. The main burden will fall on soybeans. Import volumes in China (share):
Brazil $41.8 billion (70%)
USA $13.5 billion (24%)
Conflict recipient - Brazil.
That report is old news. Trump and others have said China’s Most Favored Trade Nation status should be revoked. Trump has already threatened more tariffs. Everyone knows China prefers to buy soybeans from Brazil when they are available.