U.S. Ambassador Terry Branstad last month warned China against retaliatory measures aimed at imports of the oilseed and said any efforts to curb the trade would harm the Asian nation's regular citizens more than American growers.
A month on, the chances of a trade war between the USA and China have significantly increased.
Here are some of the businesses affected on both sides of the Pacific.
The president also protested, "When you're already $500 Billion DOWN, you can't lose!" - a reference to what Trump believes the country's trade and goods deficit with China was in 2017. When asked whether global markets were now officially observing an all-out trade war, Goldman Sachs' chief global equity strategist, Peter Oppenheimer, told CNBC: "I think it is clearly a trade battle at the very least".
"The rhetoric is different this time around", said Jay Bryson, worldwide economist with Wells Fargo.
Trump gives US Trade Representative Robert Lighthizer 15 days to draw up a list of products to target, which Lighthizer said would be drawn from the goods Beijing has said it wants to dominate. That number accounts for roughly one-third of China's imports from the United States a year ago, versus less than one-tenth of China's exports to the USA, according to data from International Monetary Fund.
In conclusion, whilst the current discussions over tariffs are rattling investors' nerves, a global trade war, which would hurt all parties and reduce global economic growth therefore affecting corporate earnings, seems unlikely.
On Wednesday, both of those things appeared to happen in the same day. The Dow Jones Industrial Average, meanwhile, was down 1.5% at 23,680. The Nasdaq Composite dropped 126.95 points, or 1.83 per cent, to 6,814.33.More news: Caster leads SA at Commonwealth opening ceremony
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Among them are fresh fruit, pork and recycled aluminum, which accounted for $3 billion of USA exports previous year.
Beijing is targeting 106 United States products, including aircraft, cars and soybeans, after Washington imposed its own tariffs on Chinese goods.
But that "does not mean there isn't going to be a political backlash", he said.
Benchmark Bund yields slipped back under 0.50 percent, just off 2-1/2 month lows hit last week.
"We regret that soybeans are on the list".
Tommy Wu, a senior economist at Oxford Economics, said that as one of the world's largest exporters Japan could also be at risk. 5 percent and 1.
The FTSE index in London closed up 0.05 percent, while the DAX closed down 0.37 percent and France's CAC 40 index fell 0.2 percent. The global economy is expected to grow 3.9 percent this year, which would be its strongest showing in seven years, according to the International Monetary Fund.
But US equities soon began a gradual climb back towards flat and then eventually finished well above the starting level, led by consumer and technology stocks. On Wednesday, Facebook closed with a small decline, but other big tech names such as Apple and Microsoft closed higher.
Timothy Fiore, who oversees a monthly survey of the United States manufacturing companies for the Institute of Supply Management, said Trump's new tariffs were driving up supply costs for manufacturers which use steel and aluminium.