U.S. Government Steps Up Support for Farmers Amid Trade Tensions

U.S. Treasury Secretary Scott Bessent announced on Thursday that the federal government is prepared to support American farmers following China's decision to halt soybean purchases. An official statement with details regarding the support is expected next Tuesday.

Speaking on CNBC, Bessent emphasized the administration's commitment to standing by farmers during these challenging times. 'We've got their backs,' he reiterated.

The Treasury Secretary also mentioned plans to work closely with the Farm Credit Bureau to ensure that necessary resources and support are made available to farmers affected by the trade tensions.

(With inputs from agencies.)