US promises support to farmers after China refuses to buy soybeans

Bessent: Farm aid package to be announced on Tuesday. US Treasury Secretary Scott Bessent said on Thursday that the federal government will provide support to American farmers in response to China’s decision to stop purchasing soybeans. He said the official announcement is expected on Tuesday, Reuters reports. Bessent noted that the majority of American farmers supported President Donald Trump in the 2024 election. “We’ll have their back,” he said in an interview with CNBC. Chinese importers have not yet purchased soybeans from the US fall harvest amid the trade war between Washington and Beijing, which has already cost American farmers billions of dollars in losses. “Unfortunately, the Chinese leadership has chosen to use American farmers, particularly soybean producers, as hostages or pawns in trade negotiations,” Bessent said. President Trump previously emphasized that soybean supplies would be a key topic during his meeting with Chinese President Xi Jinping in four weeks. ...