For more than 10 months, trade tensions between the U.S. and China have rippled through the global economy.
The technology industry has been hit by China’s threat to restrict rare earth minerals used in products such as smartphones.
Big-box retailers have also felt the effects, with tariffs driving up the cost of Chinese-made goods.
And it’s not just corporate leaders feeling the strain — farmers have been impacted as well.
High Expectations for Trump - Xi meeting
Expectations are high for the first meeting between President Donald Trump and Chinese President Xi Jinping since 2019, set to take place Thursday in South Korea.
Topics expected to be discussed include TikTok, efforts to curb the flow of fentanyl to the United States, and tariffs.
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For many in the agriculture community, soybeans will be of particular interest.
Chris Cherry and David Hardin farm soybeans in Indiana, one of the biggest soybean-producing states.
According to the American Farm Bureau Federation, in 2024, half of all soybeans exported from the U.S. went to China. However, China has essentially boycotted American soybeans in 2025 because of the trade war.
"Just about all of them have gone into bins waiting and hoping for a resolution for the trade dispute with China," Hardin told Scripps News.
"We need a deal done to get back to where we are profitable," Cherry said.
"Midwest soybean producers are going to be looking at a $100 per acre loss this year," Hardin added.
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There is a reason for farmers to be optimistic ahead of the meeting.
Treasury Secretary Scott Bessent met with his Chinese counterparts over the weekend and announced that a framework had been agreed to that could lead to a possible trade deal.
Secretary Bessent implied it would include soybean relief.
Secretary of Agriculture Brooke Rollins shared in the optimism when she spoke with Scripps News on Tuesday.
"Good news for our soybean farmers and we are grateful, hopeful when that deal gets inked, we are able to move those soybeans, those great American soybeans out across the world," Rollins said.
