Treasury Secretary Bessent says he has felt ‘ache’ – Business News
Treasury Secretary Scott Bessent mentioned he has felt “pain” as China cuts back on US soybean purchases which have left American farmers struggling – since he himself is “actually a soybean farmer.”
During an interview Sunday with ABC News’ “This Week,” anchor Martha Raddatz informed Bessent that “American farmers have really suffered.”
Bessent responded: “Martha, in case you don’t know it, I’m actually a soybean farmer, so I have felt this pain, too.”
Treasury Secretary Scott Bessent and President Trump communicate to reporters aboard Air Force One on Monday. REUTERS
Bessent – a former hedge fund government with a roughly $600 million internet price, based on Forbes – owns substantial soybean and corn farmland in North Dakota, based on his authorities financial disclosure, earlier reported by CNBC.
The land is price between $5 million and $25 million, and generates about $100,000 to $1 million in rental income for him yearly, based on the disclosure type.
Bessent added that a doubtless commerce deal with China would push the nation to renew its buying of US soybeans. Trump on Monday signaled he is assured the US will “come away with the deal,” as he is set to satisfy with Chinese chief Xi Jinping on Thursday in South Korea.
American farmers have blasted Trump as China – a main international buyer – has halted its purchases of US soybeans amid heightened commerce tensions.
In 2023 and 2024, China alone purchased more than half of the soybeans grown within the US.
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Meanwhile, the White House lately introduced a $20 billion currency swap with Argentina to help the nation and its President Javier Milei, an early Trump ally.
That association additional angered US soybean farmers, who’ve misplaced out on their share of the Chinese market to rivals in Argentina and Brazil.
US soybean farmers have misplaced out on their share of the Chinese market to rivals in Argentina and Brazil. AFP by way of Getty Images
Just earlier than the bailout was introduced, Argentina additionally dropped its export taxes, making its soybeans even more engaging. China swooped in to buy 7 million metric tons of soybeans from the nation. In September, it imported zero soybeans from American farmers.
“At a time when we should be finding ways to help American farmers deal with this chaotic trade policy, it’s extremely disappointing to see us bailing out Argentina and Argentina farmers in the process,” Aaron Lehman, president of the Iowa Farmers Union and a soybean grower, informed NBC News.
Bessent informed Raddatz on Sunday that “our soybean farmers will feel very good about what’s going on” after the China commerce deal is introduced.
China imported zero soybeans from American farmers in September. REUTERS
The deal framework can even doubtless erase Trump’s threatened 100% tariff on China, delay Beijing’s strict export controls on uncommon earths and switch possession of TikTok to American fingers, Bessent mentioned.
