American soybean farmers are facing a tough hit as China is now turning to Argentina for soybeans as it remains in a trade dispute with the U.S. Alex Cohen has more.

Illinois

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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U.S. soybean farmers are facing substantial economic challenges as China, previously their largest customer, has halted purchases of American soybeans due to an ongoing trade dispute. Instead, China is sourcing soybeans from Argentina, which has suspended its export tax, making its product more attractive.

The imposition of a 20 percent tariff on U.S. soybeans in China has further reduced demand, costing American farmers billions of dollars. Farmers are calling for government action to promote international trade rather than direct financial aid. U.S. officials have indicated that new trade deals are being pursued to open alternative markets, and soybeans are expected to be a key topic in upcoming discussions between U.S. and Chinese leaders.

U.S. soybean farmers are hurting as China halts purchases

There's a lot of pain going on on the countryside right now. Farmer Chris Gould is talking about how China is not buying American soybeans from the fall harvest, costing U.S. farmers billions of dollars. China, which was once the U.S.'s largest customer, is buying soybeans from Argentina instead, as it remains in a trade dispute with Washington. China is definitely going elsewhere to the extent that they can. I assume that at some point they'll buy some U.S. soybeans, but so far it's a goose egg for the 25 crop. American soy still carries a 20 percent tariff in China, making it a tough sell, while Argentina is suspending its export tax. The third-generation Illinois farmer says he isn't looking for a handout, just support. The message is we need our government to do their job, which is not write emergency aid checks to us, but to promote worldwide trade so we can earn our income like we need to. Treasury Secretary Scott Bessen told CNBC Thursday he is doing just that, indicating an announcement will be made on Tuesday. He also said almost every recent U.S. trade deal included a buying of American farm products. Quote, so we're going to see other countries substitute for China. President Donald Trump said on Wednesday that soybeans would be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks.

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U.S. soybean farmers are hurting as China halts purchases

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