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Cutting off cooking oil trade could have wide-ranging effects for the American heartland and in energy markets. Used cooking oil is a feedstock for biofuels such as renewable diesel.

“We’ve been pretty successful in finding a path forward with them in the past so we think we’ll be able to work through it,” Jamieson Greer said Oct. 14 in an interview with CNBC.

Cosco Shipping, already expected to report weaker third-quarter earnings, could face an additional $1.5 billion to $2.1 billion in fees in 2026.

Chinese trade data released Oct. 13 showed exports to the U.S. have fallen for six straight months, dropping 27% in September from the year before.

Trump said Oct. 10 that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths.

China announced Oct. 10 that it would impose fees on U.S. ships in retaliation for similar measures due to be imposed by the Trump administration Oct. 14.

They would take effect on Oct. 14, the same day that the United States is due to start imposing port fees on Chinese vessels.

President Donald Trump predicted China will resume purchases of American soybeans after he meets with Chinese President Xi Jinping later this month.

The U.S. is set to start charging large Chinese vessels millions of dollars when they call at American ports from Oct. 14.

China, typically the biggest buyer of U.S. soybeans, still hasn’t booked a single shipment of the crop from this year’s harvest.