Trump threatens China trade retaliation over soybean purchases
President Trump threatened to terminate trade with China in cooking oil and other products in response to what he called China’s "Economically Hostile Act" of not purchasing U.S. soybeans.
In a post on Truth Social on Tuesday, Trump wrote, "I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act." He added that the U.S. is "considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution."
Trump further stated that the U.S. "can easily produce Cooking Oil ourselves, we don’t need to purchase it from China."
The president’s comments come amid escalating trade tensions between the world’s two largest economies. Both Washington and Beijing implemented additional port fees on ocean shipping companies on Tuesday, contributing to Wall Street’s retreat from record levels.
Investors reacted quickly to Trump’s post, sending major stock averages lower.
Trump earlier addressed the complex relationship with China, noting that while he maintains "a great relationship with President Xi," their interactions occasionally become "testy because China likes to take advantage of people."
The president emphasized that the United States would respond appropriately to challenges from China, saying, "You got to put up the blocks. We have a lot of punches being thrown."
These developments follow China’s recent imposition of rare earths export controls, further straining the trade relationship.
