Trump Warns of Trade Action After China Soybean Ban

US President Donald Trump criticized China's suspension of American soybean purchases, calling it an "economically hostile act" and warning that the US might retaliate by stopping imports of cooking oil from China, the world's second-largest economy. Trump mentioned on his Truth Social platform that the US is considering ending trade with China related to cooking oil and other sectors. Despite these comments, Trump later appeared to ease tensions, stating that the US has a "fair relationship" with China and that it would be fine even if issues persist.

Trade tensions between the US and China have escalated again during Trump's second term, with tariffs reaching over 100%. In an interview with Financial Times on Monday, US Treasury Secretary Scott Bessent accused China of trying to harm the global economy through new export controls on rare earths, key materials for electronics and defense industries. Trump emphasized the need for caution in dealings with China, citing a generally good relationship with President Xi Jinping but noting that disagreements often lead to escalation.

Trump highlighted that China's halt in buying soybeans has hurt US farmers, and recent government data shows a surge in US imports of processed oils, partly driven by rising biomass-based diesel production. The US has also threatened a 100% tariff on Chinese goods, starting November 1, with the timeline possibly accelerated depending on China's actions.

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China responded by warning it was prepared to "fight to the end" in a trade war and criticized what it called US double standards. Meanwhile, Trump threatened to cancel a planned meeting with Xi at the upcoming APEC summit. The situation underscores ongoing high-stakes economic tensions between the two superpowers.

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