U.S. soybean orders from China are down 94 percent, thanks to President Donald Trump’s ongoing trade battle with the country, Axios reported last week.
After Trump initiated the trade war with tariffs on billions of dollars of Chinese goods, China retaliated with tariffs of its own, directly targeting elements of American agriculture.
The consequences have been particularly dire for soybean growers, as Chinese buyers seek out new trading partners.
But as Trump and Beijing continue working toward a trade agreement, American farmers are suffering.
The New York Times recently reported that American soybean producers are currently facing a tough situation, as prices have dropped below the point where they can break even on this year’s crops.
Many farmers are opting to store their soybeans in hopes that prices will rise soon — before the beans begin to rot.