Trade tensions continue to escalate between the U.S. and China, with President Trump accusing the world's second-largest economy of "purposefully not buying" American soybeans.

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Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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President Trump has publicly accused China of purposefully not purchasing U.S. soybeans, describing the move as an economically hostile act that is causing difficulties for American soybean farmers. He indicated that the U.S. is considering terminating certain business dealings with China, including those related to cooking oil, as a form of retribution.

Soybeans are a significant part of the U.S.-China trade relationship, with China being a major market for American farmers. The issue of soybean purchases has previously been used as leverage during trade negotiations between the two countries. The Chinese embassy responded by urging the U.S. not to threaten or intimidate while seeking dialogue. The situation reflects ongoing and escalating trade tensions between the two nations.

Trump accuses China of "purposefully not buying" U.S. soybeans

All right, to Wall Street now, as trade tensions continue to escalate between the US and China. The closing ballot rang just moments ago. The Dow is up over 200 points. Now, moments ago, President Trump posted this. Quote, I believe that China purposely not buying our soybeans and causing difficulty for our soybean farmers is an economically hostile act. We are considering terminating business with China, having to do with cooking oil and other elements of trade as retribution. As an example, we can easily produce cooking oil ourselves. We don't need to purchase it from China. All right, so let's bring in CBS News Moneywatch correspondent Kelly O'Grady to break this all down. Okay, first, how do soybeans factor into the US-China trade relationship? And then also talk to us about this latest threat now from the president and could it complicate things? So soybeans are really important when it comes to our agricultural sector. For many soybean farmers, I actually went out to a number of different places in the Midwest and talked to them. That is their primary market. And if you go back to the first China trade war under the first Trump administration, you saw soybeans become a piece of leverage that China stopped buying them. And then ultimately the deal that was actually put together that ended the trade war saw China upping its purchase of soybeans. And so when we talked to soybean farmers earlier in the year this was something that they were predicting that this could become an element of leverage in this negotiation. And so that's really the piece of it, how it factors in. China's a really important market in terms of selling those goods for US farmers. Could this become an issue here when it comes to the cooking oil? I think broadly it's a small piece of it, right? In terms of that larger US-China trade relationship but it speaks to the fact that we are seeing just this constant back and forth. I mean, Jules, it feels like hourly we are hearing either from the China side or the US side. And I will share with you, I was on the Chinese embassy X account and this is what they said earlier today. The US side should not on the one hand seek dialogue while on the other hand threaten and intimidate by introducing new restrictive measures. This is not the right way in dealing with China. So yeah, Jules, we're talking about soybeans and cooking oil on the one hand, really though what we are talking about is an escalating trade war. And it does feel like it's developing minute by minute here. Certainly, that's just the seed of it. All right, Fed Chair Powell speaking today, he touched on everything from monetary policy to how AI might impact jobs. So let's talk about the highlights there. Yeah, so this, my big takeaway, Jules, is yes, we always take note when Chair Powell talks but there wasn't really a ton different than when I last heard him speak at the press conference at the end of that interest rate decision meeting. And that kind of makes sense, right? We haven't gotten the new data, we haven't gotten that jobs data, we haven't gotten the CPI that was expected to be released tomorrow, but both of course delayed by this government shutdown. So broadly, it was more of the same. It was, hey, rate cuts are not guaranteed, but he didn't say we're getting no rate cuts by the end of the year. Remember, investors are expecting two rate cuts by the end of 2025. He also emphasized the labor market risks, that weakening continuing to rise. It was heartening to hear him say, we're not seeing mass layoffs, but we're just not seeing a lot of people out here hiring. And then I heard him say a phrase that made my ears perk up when he said it the first time in the press conference, he said, there is no risk-free path. And what that means is if they focus on inflation or they focus on the labor market, there's always gonna be the fact that the other one that they're not prioritizing is a risk. The AI piece of it, he was kind of like, he got asked about this, Jules. Someone asked him, how is AI gonna impact the job market? And he basically said, look, we don't know, but technology generally increases productivity and it lifts all living standards in society. So he didn't make a commitment. He said, this is new, it's developing quickly, but I would say it was neutral to positive. Okay, all right, we'll take that. Okay, Kelly O'Grady. Kelly, thank you.

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Trump accuses China of "purposefully not buying" U.S. soybeans

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