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President Donald Trump said late Oct. 23 that he was ending “all trade negotiations” with Canada because of a television ad in that country opposing U.S. tariffs.

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.

Prime Minister Mark Carney in an evening address to Canadians said the long process of an ever-closer economic relationship between the Canadian and U.S. economies is now over.

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.

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

Prime Minister Mark Carney said Canada is in “intensive negotiations” with the U.S. and that he expects to see President Donald Trump at the APEC summit in Gyeongju, South Korea, next week. 

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. 

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. 

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.