What people don’t realize is that the surge in the trade deficit from China was chiefly from American wholesalers stocking up on Chinese products and parts.
To a much smaller, but still significant extent, the Chinese were refusing to buy from America.
The whole angst over soybeans was ridiculous; if the Chinese buy Brazilian soybeans instead of American soybeans, Brazil’s former customers will buy American soybeans. You can’t successfully boycott a commodity; that’s why America blocks EVERYONE else from trading with Iran.
I meant to say for more than one growing season; there are, of course, contracts, for instance, which must expire before the market can respond.