Scott Bessent says he's 'felt this pain' from China because 'I'm actually a soybean farmer'

Key Points

Treasury Secretary Scott Bessett said Sunday he, too, has "felt pain" from China refusing to bargain U.S.-grown soybeans during a commercialized struggle with President Donald Trump due to the fact that "I'm really a soybean farmer."

Bessent's remark came during an interrogation with ABC News' "This Week," wherever helium said that commercialized negotiations with China successful the past 2 days had led to a "substantial framework" that helium believed would alleviate American soybean farmers' concerns astir the boycott.

Trump is acceptable to conscionable aboriginal this week with Chinese President Xi Jinping successful South Korea.

Bessent, a erstwhile hedge money executive whose nett worthy is estimated by Forbes to beryllium astir $600 million, was asked astir the soybean boycotts connected "This Week" big Martha Raddatz, who noted that "American farmers person truly suffered."

China successful 2023 and 2024 bought much than fractional of the soybeans grown successful the U.S., accounting for astir $12.8 cardinal successful 2024.

But aft Trump ignited a commercialized warfare with Beijing earlier this year, China stopped buying soybeans.

"Do you spot a existent airy astatine the extremity of the passageway there, they whitethorn let soybeans again?" Raddetz asked.

Bessent replied, "Martha, successful lawsuit you don't cognize it, I'm really a soybean farmer, truthful I person felt this pain, too."

Bessent's government fiscal disclosure shows that helium owns soybean and maize farmland successful North Dakota that has an estimated worthy of betwixt $5 cardinal and $25 million.

On that disclosure, Bessent said the farmland generates betwixt $100,000 and $1 cardinal successful rental income for him annually.

The Treasury caput told Raddatz connected Sunday, "I deliberation think we person addressed the farmer's concerns, and I'm not going to get up of the president, but I judge erstwhile the announcement of the woody with China is made public, that our soybean farmers volition consciousness precise bully astir what's going connected some for this play and the coming seasons for respective years."