American farmers, particularly soybean producers, have been hit hard by China’s decision, which has already cost the agricultural sector billions of dollars in lost income and created significant risks for the market.
Bessent stated that the government will unveil a comprehensive aid package on Tuesday. He emphasized that the Trump administration is doing everything possible to ensure farmers receive financial assistance and have sufficient resources for the next planting season. In particular, cooperation with the Farm Credit Bureau will provide producers with the necessary financing.
The Treasury Secretary stressed that Chinese authorities are effectively using American farmers as hostages in trade negotiations, as soybeans have become a symbol of the dispute. He also admitted that, despite efforts by the Trump administration and the soybean industry to find alternative markets, no other country is currently capable of compensating for the large volumes of purchases China typically makes.
The situation is further complicated by a record soybean harvest, which is putting additional pressure on prices and amplifying the negative effect of losing the Chinese market. Meanwhile, President Donald Trump said that soybeans will be a key issue during his meeting with Chinese President Xi Jinping, scheduled in four weeks.
According to Bessent, the upcoming fifth round of trade talks could bring a breakthrough thanks to the personal relationship between the two leaders. He emphasized that the US government stands firmly behind its farmers and is ready to support them during this critical moment to maintain the stability of the American agricultural sector.
PigUA.info based on materials from thepigsite.com