View Full Version : U.S. Becomes EUís Top Supplier Of Soybeans,

09-20-18, 05:25 PM
Strengthening President Trumpís Trade Deal

OAN Newsroom
UPDATED 11:30 AM PT ó Thurs. Sept. 20, 2018
President Trumpís trade deal with the EU is strengthening as the U.S. becomes the countryís top supplier for soybeans.

On Thursday, the EU announced that U.S. soybeans accounted for 52-percent of imports to the EU, replacing Brazil as itís former supplier.

This comes after the president and the European Commission president agreed to increase trade in several areas and products, including soybeans.

FILE- This is a July 13, 2018, file photo shows a seedpod in a young soybean plant, one of the crops on The Gaddis Farms in Bolton, Miss. (AP Photo/Rogelio V. Solis, File)

Back in July, the EU agreed to buy more U.S. soybeans as part of a deal to avert a trade war.

ďYou might remember that in the joint statement the two sides (The EU Commission and the U.S. government) agreed to increase trade in areas and products, notably soybeans, and the results published today show that the U.S. is now the main supplier of soy beans to the EU with a share of 52 percent of the market,Ē stated Daniel Rosario, European Commission spokesman.

U.S. and EU negotiators have begun discussions on how to free up some trade that would cut the U.S. deficit in merchandise trade.

Those talks are set to take place next week, while another meeting is scheduled for November.

09-21-18, 05:30 PM
What's the big deal here. Brazil had been the EU's largest supplier, since the US trade spat with China Brazil has become China's largest supplier. Consequently US soy prices go down and Brazil's prices go up, the EU buys the least expensive, basic economics.