The United States will support domestic soybean growers as China’s purchases of soybeans lag behind, according to U.S. Treasury Secretary Scott Bessent. He predicts a significant breakthrough in the next round of U.S.-China trade negotiations.
Despite the truce, Beijing continues to reduce its procurement of American soybeans, causing concerns not only in the U.S. agricultural sector but also among members of Congress representing agricultural districts. Currently, it is the harvest season for soybeans in the United States.
Bessent, speaking on Thursday (October 2) in an interview with CNBC, mentioned that American farmers overwhelmingly supported President Trump in the 2024 presidential election.
“Unfortunately, the Chinese leadership has decided to use American farmers, especially soybean producers, as pawns in trade negotiations,” the Secretary of Treasury said. “We stand by American farmers.”
Bessent stated that he had a meeting in the Oval Office with President Trump and Agriculture Secretary Brooke Rollins on Wednesday. The White House is expected to announce assistance for American farmers, particularly in the soybean industry, on Tuesday next week (7th).
President Trump confirmed on Wednesday that soybeans will be a major topic of discussion in his upcoming meeting with Chinese leader Xi Jinping in four weeks.
Bessent disclosed that nearly every trade agreement the U.S. signs with foreign countries includes the purchase of American agricultural products, “so we will see other countries replacing China.”
He also added that this year’s record soybean harvest has impacted prices.
“Next Tuesday, you will see strong support for farmers, and we will also collaborate with the Agricultural Credit Bureau to ensure farmers have the necessary funds for the next phase of planning,” he said.
Bessent also addressed the latest developments in U.S.-China trade negotiations, saying the most significant progress to be seen will be a sideline meeting between the President and the Chinese leader during a regional summit in South Korea at the end of October.
He further mentioned that parallel trade talks between the U.S. and Chinese Vice Premier He Lifeng will be the fifth round of negotiations, with expectations of “achieving significant breakthroughs.”
Bessent stated that the upcoming negotiations will take place before the expiration of the tariff truce period on November 10th.