U.S. Government Rallies Support for Soybean Farmers Amidst Trade Tensions

U.S. Treasury Secretary Scott Bessent announced plans for federal support for American farmers as China continues to refuse U.S. soybeans amidst ongoing trade tensions. An official announcement is expected, and discussions with China's President Xi Jinping are anticipated to address these concerns.

U.S. Treasury Secretary Scott Bessent has pledged federal support for American soybean farmers, impacted by China's refusal to purchase U.S. soybeans amid escalating trade tensions. During an interview with CNBC, Bessent emphasized his commitment to backing farmers who largely supported President Trump in the 2024 presidential election.

Chinese importers' ongoing abstention from U.S. soybeans has resulted in significant financial losses for American agriculture. Bessent criticized China's approach of using soybean farmers as leverage in negotiations, and highlighted upcoming talks with Chinese President Xi Jinping, where soybean trade will be a focal point.

Bessent, after discussions with President Trump and Agriculture Secretary Brooke Rollins, revealed that substantial aid for farmers would be announced soon. Despite attempts to diversify soybean markets, no nation has yet compensated for China's usual massive purchases, further straining U.S. farmers amidst an abundant harvest.

(With inputs from agencies.)