China has made a significant move in decoupling from U.S. agricultural imports, solidifying a trend that has persisted since the trade war initiated during President Donald Trump’s term. This shift was underscored on Tuesday when Beijing announced fresh tariffs of 10% to 15% on a range of U.S. agricultural products, including soybeans, corn, dairy, and beef, in retaliation to current U.S. tariffs.
The data reveals a stark decline in the U.S.’s share of China’s agricultural imports, with China only importing $29.25 billion of U.S. products in 2024, following a 20% drop in 2023. While U.S. exports have diminished, China, continuing to seek greater food security, has ramped up its imports from Brazil and expanded its own domestic production capabilities.
This strategic pivot has particularly impacted the U.S. soybean market share, which dropped from 40% in 2016 to 21% in 2024. Similar trends are observed in corn and other commodities, where Brazil has risen as a key supplier. Despite this growing diversification, China remains a critical market for American farmers, who still regard it as “irreplaceable.”
(With inputs from agencies.)