Travis Hutchison, a soybean farmer, unloads his cargo from his family's truck at a local grain dealer in Queen Anne, Maryland, on Oct. 10, 2025. Roberto Schmidt | AFP | Getty Images
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Transpacific turmoil
The volatile U.S.-China relationship hit another bump yesterday when President Donald Trump said he is considering placing a cooking oil embargo on Beijing in retaliation for it's refusal to buy U.S. soybeans. The ongoing feud has led to choppy stock market trading over recent days. Here's the latest: In a Truth Social post published shortly before yesterday's closing bell, Trump wrote that China's refusal to buy American soybeans is "an Economically Hostile Act." Trump threatened blocking all business with China "having to do with Cooking Oil."
China was the top buyer of the U.S. crop last year but has not purchased any soybeans since May, as the countries have sparred over trade policy.
The White House has criticized China in recent days and threatened a new 100% tariff, following China's tightening of export restrictions for rare earth materials.
U.S. Trade Representative Jamieson Greer told CNBC yesterday that China's future actions will determine if the higher levies are actually implemented. Meanwhile, Treasury Secretary Scott Bessent said China's latest moves are an attempt "to pull everybody else down with them."
Stocks have whipsawed in recent sessions as investors monitored the latest developments. The S&P 500
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2. Banking on it
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