The Influence of Sino-US Trade Friction on U.S. Soybean Export

Abstract

With the increasingly close trade between China and the United States, a large number of soybeans grown in the United States were exported to the Chinese market, and the trade volume gradually increased. After decades of expansion, Sino-US agricultural trade has entered a competitive situation. And agricultural trade frictions between the two countries have intensified since 2018 when China imposed a 25 percent tariff on soybeans imported from the United States. Taking export volume of U.S. soybean as the research object, through horizontal and longitudinal comparison, supplemented by data analysis, this paper studies the plight of US soybean export caused by the trade war. The consequences of trade frictions include lower incomes for farmers, economic and political deterioration in farm states, loss of market advantage for United States processed soybeans for a short time. In order to alleviate the above difficulties, it is necessary to improve the emergency mechanism, expand the export destination of soybeans, and develop trade with other agricultural products in China, which can also provide reference for export risk control and agricultural product structure improvement.