After imposing new trade tariffs on China in September, the United States President Donald Trump has confirmed he will be meeting his Chinese counterpart Xi Jinping in “four weeks” to sort out the loses being faced by soyabean farmers in the US as China has refused to buy it from them. Trump said that the move by China for “negotiating reasons” is “hurting” the US farmers and that he stands behind them.
Taking to Truth Social Trump on Wednesday wrote, “The Soybean Farmers of our Country are being hurt because China is, for “negotiating” reasons only, not buying. We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers.”
Hen then goes on to blame former president Joe Biden for the issue saying, “I WILL NEVER LET OUR FARMERS DOWN! Sleepy Joe Biden didn’t enforce our Agreement with China, where they were going to purchase Billions of Dollars of our Farm Product, but Soybeans, in particular. It’s all going to work out very well.”
Later in the post he says he will be meeting Chinese President Xi Jinping in “four weeks” where soybean purchases will be the main topic of discussion between the two leaders.
What’s the actual problem
After the new tariff imposition by Trump, Chinese importers are not buying soybeans from the US’s autumn harvest resulting in significant financial losses to the American farmers. Instead, the Chinese are sourcing them from South America, which is affecting US prices. Notably, autumn is a crucial season for the US soybean market as fresh crops are harvested.
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Trump, Xi’s likely meeting
Earlier in September, there were reports that said a meeting between US President Donald Trump and China’s Xi Jinping is likely to happen in South Korea in October this year.
Trump and his top advisers are silently preparing to travel to South Korea for the Asia-Pacific Economic Cooperation (APEC), where Trump is expected to meet Xi, reported CNN, citing Trump administration officials.
Though a serious discussions about a bilateral meeting on the sidelines of APEC is taking place, there are no firm plans for the meeting yet, reported the media outlet.
“A visit to South Korea is being discussed, which would focus on economic collaboration,” a White House official told CNN.
