Treasury Secretary Scott Bessette said Sunday he was “pained” by China’s refusal to buy U.S. soybeans because “I’m actually a soybean farmer” during a trade dispute with President Donald Trump.
Bessent’s comments came in an interview with ABC News’ “This Week,” where he said he believes the past two days of trade negotiations with China have led to a “substantive framework” that will alleviate U.S. soybean farmers’ concerns about boycotts.
President Trump is scheduled to meet with Chinese President Xi Jinping in South Korea later this week.
Bessent, a former hedge fund executive whose net worth is estimated by Forbes at about $600 million, was asked about the soy boycott by This Week host Martha Raddatz, and he pointed out that “American farmers are really suffering.”
China bought more than half of U.S. soybeans in 2023 and 2024, accounting for nearly $12.8 billion in 2024.
But after President Trump triggered a trade war with China earlier this year, China stopped purchasing soybeans.
“Do we see any real light at the end of the tunnel? They might allow soybeans again.” Radets asked.
“Martha, in case you didn’t know, I’m actually a soybean farmer, so I’ve felt this pain, too,” Bessent said.
Mr. Bessent owns soybean and corn farmland in North Dakota worth an estimated $5 million to $25 million, according to his government financial disclosures.
Regarding the disclosure, Bessent said the farmland generates between $100,000 and $1 million in annual rental income.
“I think we have responded to farmers’ concerns, and I’m not trying to get ahead of the president, but I believe that once the announcement of the deal with China becomes public, our soybean farmers are going to feel very good about what’s going on, both this season and the next few seasons,” the Treasury secretary told Raddatz on Sunday.
