Trump Trade Agenda Faces New Challenge: Argentina‘s Soybean Sales to China
Palm Beach,Fla. – A recent exchange between a top U.S.diplomat and a Trump campaign official reveals growing tensions over Argentina’s trade relationship with China and the potential impact on American soybean farmers. The dispute centers on a currency swap agreement between Argentina and China, and subsequent Argentine soybean sales to the Chinese market, which are driving down prices and raising concerns about China’s leverage over the U.S.
The situation highlights a potential flashpoint in Donald Trump’s long-held trade agenda, which has historically focused on securing favorable deals and protecting American industries. While Trump has cultivated a relationship with Argentine President Javier Milei, Argentina’s move to sell soybeans to China – facilitated by a new financial arrangement – is creating friction within the former president’s orbit and threatens the livelihoods of U.S. soybean growers.
Last week, while attending the U.N.General Assembly, U.S. Ambassador to Argentina Scott Bessent received a text message from a contact labeled “BR.” The message read, “we bailed out Argentina yesterday … and in return, the Argentine’s removed their export tariff on grains, reducing their price, and sold a bunch of soybeans to China at a time when we would normally be selling to China.” The message continued,”Soy prices are dropping further because of it. This gives China more leverage on us.” The sender is widely believed to be Trump campaign senior advisor Corey Rollins.
Argentina recently secured a currency swap line from China,a move that prompted concern in Washington. In response, Milei has stated that Argentina will maintain its mutually beneficial trade and economic relationship with China.
Spokespeople for Bessent and Rollins have not responded to requests for comment regarding the text message exchange. The incident underscores the complex geopolitical and economic challenges facing the incoming trump administration as it navigates trade relationships in a shifting global landscape.
