And earlier our reporter Wu Bin spoke to the CEO of the US Soybean Export Council, Jim Sutter, who shared his insights on how tariffs will impact soybean exports.

Tariffs will likely keep US soybeans out of China. The CEO of the US Soybean Export Council says China is a market that they don't want to lose. The White House says the US will impose a 104% tariff on China on Wednesday. And China vows to fight to the end after it has already announced reciprocal tariffs set at 34%. As the world's major soybean exporter, this could deeply affect the American soybean industry.

JIM SUTTER, CEO, US Soybean Export Council "A 34% spread, or 34 % sort of penalty on US Soybeans is so large that it will likely keep US soybeans out of China."

China is the largest soybean importer, and the US is the second largest soybean exporter to China after Brazil. And if the tariff continues, according to Jim Sutter, both Chinese consumers and American farmers will pay the price.

JIM SUTTER, CEO, US Soybean Export Council "The two people on both ends of the transaction, the farmers who were selling, the Chinese consumers are importers and then consumers who are buying. They're both having to pay, either pay a higher price and sell at a lower price. And it's not good for either side."

China's reliance on US imported soybeans continues to decrease. Statistics from Chinese Customs show that the country's soybean imports from the US have dropped from almost 33 million metric tons in 2017 to around 22 million metric tons in 2024. The market share of US soybeans in China has dropped 13% over the last 7 years.

JIM SUTTER, CEO, US Soybean Export Council "China is really important, and that's why we consider it such an important market for our US soybean farmers and US soybean industry. So it's not a market that we want to lose. I cannot imagine a world that for the long term, we wouldn't have strong trade relations between those two countries."

The US Soybean Export Council says they hope the Trump Administration's tariff policy is a short-lived plan and hope both nations can get back to working together. Wu Bin, CGTN, Shanghai.