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China last year purchased $13 billion of U.S. soybeans — more than 20% of the entire crop — for animal feed and cooking oil, but still hasn’t booked a single shipment from this fall’s huge crop.

Tariffs appear somewhat limited in their ability to control what American firms import, as China’s sway over sectors such as rare earths and electronics makes its products hard to dislodge.

Europe’s auto industry is preparing for production disruption within days because of China’s export restrictions on semiconductors made by Nexperia. The U.S. is likely to be affected too.

Soybean futures erased earlier gains after President Donald Trump said a planned meeting with his Chinese counterpart, Xi Jinping, may not happen. 

Amid a wide-ranging agenda of complex geopolitical and trade issues, Washington continues to press Beijing, the world’s largest agricultural importer, to increase purchases of soybeans. 

Beijing and Washington have sparred over shipping, with China introducing a hefty extra fee on vessels known to have American links, following a similar U.S. move.

President Trump signed an agreement with Australian Prime Minister Anthony Albanese to boost access to critical minerals and rare earths, as the U.S. looks to reduce reliance on China.

The president listed rare earths, fentanyl and soybeans as the U.S.’s top issues with China just before the two sides return to the negotiating table this week in Malaysia. 

Earlier this year, the two agreed to a truce in which Washington paused tariffs on Chinese goods while Beijing pledged to resume the flow of rare-earth magnets. That expires in November.

Western heavy-duty vehicle makers’ efforts to gain a foothold in China have so far struggled with a lack of profitability amid local competition.