U.S. Government Pledges Support to Farmers Amid China Trade Tensions

The U.S. federal government plans to extend support to American farmers suffering from China's refusal to purchase soybeans, Treasury Secretary Scott Bessent revealed on Thursday. An announcement will be made next Tuesday, as Bessent emphasized the government's commitment to backing these farmers, who strongly supported President Trump in the 2024 election.

China's withdrawal from purchasing this key U.S. export during ongoing trade disputes has resulted in significant financial losses for American agriculture. Bessent criticized China's use of soybean farmers as leverage in trade talks. President Trump has signaled that soybean trade will feature prominently in discussions with Chinese President Xi Jinping, scheduled in four weeks.

The anticipated governmental assistance aims to ensure farmers receive necessary resources for the next planting season in collaboration with the Farm Credit Bureau. Bessent expressed optimism about future negotiations, highlighting Trump's strong dynamic with Xi, which could yield breakthroughs in trade agreements.

(With inputs from agencies.)