China tit-for-tat tariffs bite into soybean farmers’ sales — here’s how the ripple effect could hurt you

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China, the top global buyer of soybeans, has moved away from American beans in the heart of the selling season.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPI'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)During the trade war this spring, China settled on reciprocal tariffs on American agricultural products, which erased the previous price advantage enjoyed by U.S. farmers, and incentivized Chinese importers to find cheaper alternatives.This, of course, is reportedly having a disastrous impact on American farmers and the ripple effect could hurt consumers and the economy as a whole.Reuters reports that for the first time in more than 20 years, Chinese importers have not yet bought soybeans from the autumn U.S. harvest, and it’s costing farmers billions of dollars in sales. [1] Last year, the U.S. exported nearly 27 million metric tons to the Asian country, and from January to July this year shipments totaled 16.57 million tons. [2] Dan Basse, president of AgResource Co in Chicago, told Reuters that if China stays out of the U.S. market until mid-November, exporters could forfeit 14 to 16 million tons in sales.U.S. farmers who spent years trying to recover market share after Trump’s first trade war in 2018 are finding that China has shifted much of its business to South America as Brazil’s exports of soybeans have jumped 7.5% this marketing year. Citing traders, Reuters said China’s 23% tariff on U.S. soy adds roughly $2 per bushel, whereas earlier U.S. soybeans were about 80 cents to 90 cents a bushel cheaper than Brazilian soybeans.Adding insult to injury, buyers in China have also purchased at least 10 cargoes of soybeans from Argentina, according to Reuters. [3] The cash-strapped nation dropped its export taxes to boost the competitiveness of its beans on the world market. Argentina is currently in talks with the U.S. for a $20 billion lifeline to stabilize the Argentine peso and keep its free market leader Javier Milei in office. The move is a deliberate stick in the eye to U.S. politicians.USDA’s September outlook already penciled in lower U.S. soybean exports for the current marketing year. The forecast is 1.69 billion bushels, down from 1.8 billion bushels in June. The agency has cut the season-average farm price forecast to $10.10 per bushel, down from $10.25 in June. 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