Mr. Trump specifically cited soybeans as an example of how American farmers are struggling. He also alluded to “other countries” with trade barriers against the U.S. in his criticism.
I am in Brussels, but always thinking about our farmers. Soy beans fell 50% from 2012 to my election. Farmers have done poorly for 15 years. Other countries’ trade barriers and tariffs have been destroying their businesses. I will open…— Donald J. Trump (@realDonaldTrump) July 11, 2018
…things up, better than ever before, but it can’t go too quickly. I am fighting for a level playing field for our farmers, and will win!— Donald J. Trump (@realDonaldTrump) July 11, 2018
Soybeans are caught up in the trade war between the U.S. and China.
They account for a major portion of the U.S. agricultural exports to China. Sixty percent of the $20 billion in exports come from the crop, according to a Bloomberg report. Once China announced their retaliatory tariffs, soybean stock dropped 14 percent in June.
The president is also in a trade war with the European Union. Some EU members are meeting with Mr. Trump Wednesday during the NATO summit.
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