中国减持外汇资产，纳瓦罗还嘴硬叫嚣：美国一粒大豆都别卖，绝不能服软！

Group 1 - The core issue revolves around the strategic implications of China's reduction of U.S. Treasury holdings, which decreased by approximately $6.1 billion to $680 billion, while global demand for U.S. debt reached a historic high of over $9.36 trillion [1][3] - China's decision to reduce its U.S. Treasury holdings is a calculated strategic adjustment aimed at diversifying its foreign exchange reserves and reducing dependency on a single asset, reflecting a proactive "rebalancing" strategy [3] - The U.S. agricultural sector, particularly the soybean industry, is highly dependent on the Chinese market, which has become a significant vulnerability for U.S. policymakers amid ongoing trade tensions [3][5] Group 2 - Since the onset of the U.S.-China trade war in 2018, China's soybean imports from the U.S. have been declining, as Brazil and Argentina have gained market share due to more competitive pricing [5] - Navarro's proposal to utilize soybeans for domestic biofuel production highlights the structural issues within U.S. agriculture, as it faces rising production costs and declining farmer incomes [5][7] - Political factors play a crucial role, especially in the Midwest, where soybean production is concentrated, making any policy that harms farmers' interests politically sensitive as the 2026 midterm elections approach [7]