Europe's Vow to Buy More U.S. Soy Won't Make Up for China Losses
- Trump highlights promise from EU in deal to avoid new tariffs
- Even exclusive buying from U.S. would fill 35% of lost trade
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The promise President Donald Trump extracted from the European Union to buy more soybeans from U.S. farmers won’t put much of a dent in the potential losses from a continuing trade war with China.
The EU is the second-biggest buyer of the U.S. oilseed. But that is a distant second to China, which bought $12.3 billion of the U.S. soy last year compared with the $1.6 billion exported to the EU. Losses in sales to China stemming from an escalating trade spat are causing political headaches for Trump and farm state Republicans in Congress that Europe won’t be able to relieve.