Trump’s close ideological ally, President Javier Milei of Argentina called human-caused climate change a “socialist hoax,” threatened to quit the Paris Agreement and pulled Argentine negotiators out of last year’s summit in Azerbaijan as part of what he described as a reassessment of climate policy.

We don’t expect any demand from China to return to the U.S. market with this change,’ said one trader at an international trading company. ‘Brazil is cheaper than the United States and even non-Chinese buyers are taking Brazilian cargoes.