China Stops Buying U.S. Soybeans; Relief Planned

China effectively stopped buying U.S. soybeans in May 2024, shrinking demand, collapsing prices and creating a nationwide glut that has particularly hurt Midwestern growers. The Trump administration is preparing a farm-relief package, with Treasury Secretary Scott Bessent promising “substantial support” and media reports estimating at least $10 billion and possibly up to $20 billion of aid that could be funded in part by tariff revenue. Critics warn that directing tariff receipts to a bailout without congressional approval would undermine Congress’s taxing authority. Brazil and Argentina have moved aggressively into China’s market; Argentina reportedly benefited from a temporary export-tax holiday and a reported/alleged $20 billion bailout that accelerated its soybean exports to China. Farm groups say emergency support is needed now to keep producers afloat, while the administration frames tariffs as part of a longer-term trade strategy.