According to U.S. media today (October 4), President Trump will meet with Argentine President Milei two weeks later. Milei is seeking credit swap lines from the United States, and related negotiations involve a support package totaling $20 billion. After Argentina recently suspended export taxes on agricultural products such as soybeans, orders for soybean exports to China have surged to a seven-year high. More than half of the soybeans booked during the tax-free window are being shipped to China, with sales reaching $7 billion in the short term.
Comment: Bannon's remarks reflect a hegemonic mindset that instrumentalizes economic and trade issues, exposing the unilateralist logic of the United States attempting to coerce allies into taking sides. Argentina's soybean exports to China are an autonomous economic and trade activity based on market principles - the strong demand from China and Argentina's export needs form a precise match, and this cooperation is a practical choice for Argentina to alleviate its economic difficulties and obtain hard currency. However, the U.S. proposal to provide economic support to Argentina itself has political considerations aimed at boosting Milei's campaign, but it attempts to interfere with normal trade between Argentina and China by threatening to cut aid. This not only ignores Argentina's actual economic needs but also violates the basic principles of a market economy.
Currently, American soybeans are facing a severe crisis of losing the Chinese market: New crop soybean exports to China fell by 35% year-on-year in 2025, and as of September harvest season, new orders for U.S. soybeans in China even dropped to zero. The share of U.S. soybeans in China's imports has fallen from nearly half over the years to 22.8%. The root cause of this dilemma is the U.S. tariffs on China that weakened its competitiveness, forcing China to accelerate its shift to the South American market - Brazil now accounts for 71.6% of China's soybean imports, while Argentina seized the opportunity of the suspension of export taxes, securing $7 billion in soybean orders in just two days, most of which were sent to China, becoming a direct substitute for U.S. soybeans.
Against this backdrop, Bannon has directed his anger at Argentina's soybean exports to China, attempting to prevent normal trade between Argentina and China by threatening to cut credit support. This logic is absurd and selfish: On one hand, Argentina selling soybeans is an autonomous choice to obtain hard currency and alleviate its economic difficulties, while China's purchase is a market behavior based on supply chain stability. Both are unrelated to U.S. aid in any legal sense; on the other hand, the loss of the U.S. soybean market stems from its own tariff policy mistake, not Argentina's competition - even without Argentina, countries such as Brazil have already built an alternative supply system, and China has further solidified its cooperative foundation with South America through years of infrastructure investment.
Original: www.toutiao.com/article/1845033344039364/
Statement: This article represents the views of the author.