Brazil accounted for more than 70 percent of soy exports to China last year and Trump’s trade war could allow it to solidify its market dominance.

While Japan won’t walk away from its alliance with the United States, the linchpin of the Asian country’s diplomacy and security policies, “it’s also true that the tariffs and uncertainty that Trump has created for Japan is really shaking things up in Tokyo,” Goodman said.

Logistics firm Flexport reports that liners are slashing their China-to-U.S. carrying capacity at a faster rate than they did at the start of the pandemic.