Farm owner Bessent on soybean crisis: "I have felt this pain too"

Treasury Secretary Scott Bessent, himself a soybean farmer, acknowledges the pain of the farm export crisis. China's halt on U.S. soybean purchases has significantly impacted farmers, eliminating their largest export market and causing substantial revenue loss. The agricultural sector is awaiting a promised government bailout. Bessent appeared on Sunday morning news programs to discuss a potential framework deal with China. He suggested this deal would include relief for farmers affected by the trade dispute. Bessent stated he personally understands the hardship because he is also a soybean farmer. Reports indicate he owns considerable farmland which he rents out for income. He is currently in the process of divesting these farm holdings as per his ethics agreement. Bessent criticized China for using the agricultural community as leverage. He expressed confidence that the new trade deal will positively impact soybean farmers for current and future seasons. Ultimately, the Treasury secretary is indicating that the trade war is personally affecting his financial interests as well.