The escalating trade fight between the US and China is taking a harsh toll on the market for soyabeans, pushing prices well below the level at which many American farmers can earn a profit.
China at the weekend put US soyabeans on a list of imports subject to a 25 per cent increase in tariffs, part of a tit-for-tat retaliation against tariffs against Chinese goods drawn up by the Trump administration.
The oilseed is the leading US agricultural export to China, amounting to $14bn in sales last year. It is widely grown in Midwestern farm belt states where voters backed Mr Trump’s 2016 election bid.
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