Treasury Secretary Scott Bessett stated Sunday he, too, has “felt ache” from China refusing to purchase U.S.-grown soybeans throughout a commerce battle with President Donald Trump as a result of “I am truly a soybean farmer.”
Bessent’s remark got here throughout an interview with ABC Information’ “This Week,” the place he stated that commerce negotiations with China previously two days had led to a “substantial framework” that he believed would alleviate American soybean farmers’ issues concerning the boycott.
Trump is about to satisfy later this week with Chinese language President Xi Jinping in South Korea.
Bessent, a former hedge fund government whose web value is estimated by Forbes to be round $600 million, was requested concerning the soybean boycotts on “This Week” host Martha Raddatz, who famous that “American farmers have actually suffered.”
China in 2023 and 2024 purchased greater than half of the soybeans grown within the U.S., accounting for almost $12.8 billion in 2024.
However after Trump ignited a commerce conflict with Beijing earlier this 12 months, China stopped shopping for soybeans.
“Do you see an actual gentle on the finish of the tunnel there, they could enable soybeans once more?” Raddetz requested.
Bessent replied, “Martha, in case you do not know it, I am truly a soybean farmer, so I’ve felt this ache, too.”
Bessent’s authorities monetary disclosure reveals that he owns soybean and corn farmland in North Dakota that has an estimated value of between $5 million and $25 million.
On that disclosure, Bessent stated the farmland generates between $100,000 and $1 million in rental revenue for him yearly.
The Treasury secretary advised Raddatz on Sunday, “I feel assume now we have addressed the farmer’s issues, and I am not going to get forward of the president, however I consider when the announcement of the take care of China is made public, that our soybean farmers will really feel excellent about what is going on on each for this season and the approaching seasons for a number of years.”
