US vows to defend farmers from possible China trade action against soybeans (CNBC)

CNBC published an article on the rising uncertainty of whether China will retaliate to President Trump’s proposed tariffs on steel, with trade restrictions on the United States. In the article, Senior Research Fellow at IFPRI, Sherman Robinson, predicts that China could retaliate by replacing the United States as its chief supplier of soybeans, with suppliers from Brazil and Argentina. According to Robinson, this loss of about US $14 billion in annual revenue, “could do serious damage to U.S. soybean producers.”