A sudden 365% rise in an Australian oilseeds stock and a new threat from the White House highlight how global markets are responding to intensifying U.S.-China trade tensions. While China boycotts American soybeans, U.S. farmers are feeling the impact, and some industry voices blame the crisis on a contentious government strategy.

American soybean farmers fear a devastating financial outcome if tariffs between Washington and Beijing are not resolved. Meanwhile, Chinese buyers appear unyielding, raising concerns that China’s soy crushers might struggle through winter without U.S. beans.