The Independent reports US soybean exports to China down 94% because of Trump tariffs.

> President Donald Trump’s 'America First' trade policies have led to a 94 per cent cut in US soybean exports to China, forcing farmers in America’s midwest to stockpile crops and hope relief comes before the rot.

> After decades in which American soybean farmers were able to build considerable business by selling a huge share of their crop to China, farmers across the US are seeing the largest market destination for one of the country’s largest crops drying up.

> “We’re sitting on the edge of our seat,” Kevin Karel, the general manager of the Arthur Companies, a soybean seller, told The New York Times. Mr Karel’s company has begun stockpiling soybeans outside, and they plan on laying a tarp over the product to extend its life. He said he hopes a solution can be found before that crop rots.

This Tweet by Brad Setser sums up the current state of affairs in a single Tweet.

Not to fear. I have it on good authority that trade wars are good and easy to win.

Mike "Mish" Shedlock