Shares of stocks linked to agriculture, soybeans and cooking oil are are up on Wednesday after President Donald Trump said that the U.S. was considering “terminating business with China having to do with Cooking Oil and other elements of Trade” as retribution against Beijing for refusing to buy American soybeans.
Pinnacle Food Group Limited (PFAI) shares were up over 77%, Sadot Group Inc. (SDOT) was up over 87%, and Australian Oilseeds Holdings Limited (COOT) rose over 260% at the time of this writing in midday trading on Wednesday.
Pinnacle Food Group Limited sells smart farming solution services, Sadot Group is a Texas-based global food supply chain company, and Australian Oilseeds Holdings has grown to be the largest cold pressing oil plant in Australia, pressing GMO-free conventional and organic oilseeds.
This marks the latest chapter, and second week, in Trump’s ongoing trade and tariff war with China, which reignited October 9 with restrictions on rare earth mineral exports, vital for U.S. chipmakers and the tech and defense industries.
Last week, Trump said he was putting 100% tariffs on Chinese goods after Beijing added five American subsidiaries of a South Korean shipping company to its sanctions list.
“I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act,” Trump said Tuesday on his social media platform Truth Social. “We can easily produce Cooking Oil ourselves, we don’t need to purchase it from China.”
China responded that its position on tariffs remains the same: A trade war is in neither country’s interest.
The latest row comes ahead of Trump’s scheduled meeting with Chinese president Xi Jinping in South Korea later this month.
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