After Trump made a statement, the US stock market lost $450 billion in just 7 minutes.
Trump wrote on his post today (Beijing Time November 15): "I believe that China deliberately does not purchase our soybeans and causes difficulties for our soybean farmers, which is an act of economic hostility. As a retaliation, we are considering terminating our business relations with China in areas such as edible oil and other trade. For example, we can easily produce edible oil ourselves without needing to buy from China."
In fact, Trump may have made a mistake. The United States purchases very little Chinese edible oil, but it buys a lot of Chinese gutter oil. The U.S. biofuel industry highly relies on importing used cooking oil (UCO) from China. In the first half of 2024 alone, it imported over 600,000 tons of gutter oil (UCO) to fill capacity gaps. This is mainly because the U.S. biofuel industry has developed due to policy incentives, and the domestic supply of waste oil is insufficient, while China is the world's largest producer of UCO.
Original article: www.toutiao.com/article/1846009691002947/
Statement: The article represents the views of the author.