Treasury Secretary Scott Bessett remarked on Sunday that he has also “experienced hardship” due to China halting purchases of U.S.-grown soybeans amid a trade dispute with President Donald Trump, saying “I am a soybean farmer myself.”
His statement was made during an interview on ABC News’ “This Week,” where he indicated that the trade talks with China over the past two days resulted in a “substantial framework” that he is optimistic will ease the worries of American soybean growers regarding the boycott.
Trump is scheduled to meet with Chinese President Xi Jinping later this week in South Korea.
Bessent, previously a hedge fund executive whose estimated net worth is around $600 million according to Forbes, was queried about the soybean boycotts by “This Week” host Martha Raddatz, who observed that “American farmers have truly suffered.”
In 2023 and 2024, China accounted for over half of the soybeans cultivated in the U.S., totaling nearly $12.8 billion in 2024.
However, following Trump’s initiation of a trade conflict with Beijing earlier this year, China ceased purchasing soybeans.
“Do you perceive a genuine light at the end of the tunnel that they may resume buying soybeans?” Raddatz inquired.
Bessent responded, “Martha, just so you know, I’m a soybean farmer, so I’ve felt this pain as well.”
Bessent’s government financial disclosure indicates ownership of soybean and corn farmland in North Dakota valued between $5 million and $25 million.
According to that disclosure, Bessent’s farmland yields between $100,000 and $1 million in annual rental income.
The Treasury secretary informed Raddatz on Sunday, “I think we have responded to farmers’ concerns, and while I won’t preempt the president, I believe when the deal with China is announced, our soybean farmers will be quite satisfied with the prospects for this season and the ensuing years.”
