Japan: China is not buying American soybeans, will we buy them?

According to Nikkei Asia's local report on April 25, Japan is considering increasing the import of American soybeans to help the United States offset the loss of exports to China, as Japan tries to persuade the Trump administration to lower tariffs.

It was reported that Japanese Minister for Economic Revitalization Yasuo Akira will visit the United States from April 30 to May 2 to meet with U.S. Treasury Secretary Bessent and other officials in the U.S. government.

Akira Yasuo said that Japan seeks a "package" agreement with the United States. Soybeans are one of the largest agricultural products exported by the United States, making it a card that Japan can play in negotiations.

Reportedly, Japan's soybean imports are handled by private enterprises, and the Japanese government can request companies to increase imports from the United States. In 2024, Japan's total soybean imports are expected to grow by 0.5%, reaching 3.17 million tons. Among them, 65.7% come from the United States, 23.4% from Brazil, and 10.4% from Canada.

In the past five years, Japan's soybean demand has been between 3.5 million and 3.9 million tons per year, and imported soybeans are often used to produce edible oil. Japan's self-sufficiency rate for soybeans is about 7%.

It was reported that in 2023, 54.3% of American soybean exports went to China. However, before Trump took office, China reduced its imports of American soybeans. Currently, the tariff on American goods exported to China has reached 145%, and in response, China has raised the tariff rates on all American imports to 125%. The American Soybean Association is concerned about the impact on American farmers and urges the Trump administration to quickly negotiate with China to reach an agreement.

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Source: https://www.toutiao.com/article/7497074620990849545/

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