U.S. Pledges Support to Farmers Amidst China Trade Tensions

U.S. Treasury Secretary Scott Bessent announced upcoming federal support for American farmers affected by China's refusal to purchase soybeans, amidst ongoing trade tensions. This issue will be a key topic in President Trump's meeting with Chinese President Xi Jinping, as U.S. seeks new trade allies.

U.S. Treasury Secretary Scott Bessent announced on Thursday that the federal government would back American farmers impacted by China's decision not to purchase soybeans. An official announcement is scheduled for Tuesday, reflecting the administration's commitment to its farming constituency.

Farmers, who largely supported President Donald Trump in the recent election, have faced financial challenges due to China's stance amidst the trade conflict, leading to significant financial losses. Talks between Trump and Chinese President Xi Jinping, set for four weeks from now, are poised to address the soybean trade issue.

Bessent expressed optimism about the upcoming talks, highlighting the importance of U.S. farmers finding alternative international markets to replace China's. The Treasury is also coordinating with the Farm Credit Bureau to ensure farmers receive necessary support during this time.

(With inputs from agencies.)