'Economically hostile': Donald Trump promises cooking oil move over China's soybean lull
&imwidth=600&imheight=450&format=webp&quality=medium "'Economically hostile': Donald Trump promises cooking oil move over China's soybean lull")
US President Donald Trump Photograph: (AFP file)
Donald Trump on China: The remark came days after China restricted the export of rare earths, which have applications ranging from making smartphones to defense equipment.
Amid a renewed US-China trade war, Donald Trump said on Tuesday that his administration is planning to stop buying cooking oil from Beijing in retaliation against its alleged refusal to buy American soybeans. The remark came days after China restricted the export of rare earths, which have applications ranging from making smartphones to defense equipment.
What did Donald Trump say about soybean exports to China?
Donald Trump has stated that the US will impose a 100 percent tariff on China over the latter's actions regarding rare earths. He wrote on Truth Social on Tuesday that China had not been buying soybeans from American farmers. He dubbed the move an economically hostile act.
"I believe that China purposefully 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,” he wrote.
China has reportedly been avoiding buying soybeans, resulting in low crop prices in the US. The Trump administration has promised a relief package for farmers; however, it has been delayed because of the ongoing shutdown.
The country's exports of used cooking oil have already been dwindling because the country ended tax breaks on exports in December last year.
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China has also cut back on buying US soybeans over Trump's trade war. It is buying soybeans from Brazil.
The US exports of soybeans amounted to $12.6 billion. The Chinese move is hurting farmers in Republican-ruled states.
Starting November 8, China will put an export limit on 12 of the 17 rare earth materials. The country has announced that no vendor can export these without the government's approval.
This comes days ahead of US President Donald Trump's meeting with his Chinese counterpart, Xi Jinping, over trade.
A paucity of rare earths can create massive issues for the United States, as they are used to make F-35 fighter jets, Predator drones, Virginia and Columbia class submarines, Tomahawk missiles, radar systems, etc.