German media: Soybean prices plummet, American farmers will face great pressure After Trump announced a new tariff of 34% on Chinese goods - bringing this year's additional tariff rate to 54% - Beijing announced on Friday, April 4, that it would impose a 34% import tariff on all American products starting April 10, matching the "reciprocal tariff" rate imposed by Trump. At the same time, Beijing also took several other measures, including imposing more controls on rare earths. American farmers will face great pressure Wendy Cutler, vice president of the Asia Society Policy Institute, said that American farmers will bear a heavy burden; as Beijing imposes tariffs, agricultural products exported by American farmers to China may become "too expensive and lose competitiveness". US trade data shows that soybeans, oilseeds, and certain grains are the main US exports to China, with total exports of these commodities reaching $13.4 billion in 2024. Scott Gerlt, chief economist of the American Soybean Association, said: "In 2024, China purchased 52% of our (soybean) exports." Given such a large purchase scale, China is not easily replaceable. Following the announcement of counter-tariffs on Friday, soybean prices plummeted. Source: DW via AFP Original article: https://www.toutiao.com/article/1828695091720427/ Disclaimer: The article only represents the views of the author.