Treasury Secretary Scott Bessent said Sunday that he understands firsthand the economic pain many American farmers have endured from China’s halt in soybean purchases, explaining that he personally owns soybean farmland.
“I’m actually a soybean farmer,” Bessent said during an interview on ABC News’ This Week. “So I have felt this pain, too.”
Bessent’s comment came as trade talks between the United States and China showed new signs of progress. The Treasury Secretary said that discussions over the past two days have produced what he called a “substantial framework” for a new trade agreement that could soon bring relief to American farmers.
President Donald Trump is scheduled to meet with Chinese President Xi Jinping later this week in South Korea, where the two leaders are expected to finalize details of the new framework.
China’s Boycott Has Hurt American Farmers
The standoff between Washington and Beijing has hit U.S. agriculture hard. China, which purchased more than half of all U.S. soybeans in 2023 and 2024—valued at nearly $12.8 billion—stopped buying soybeans earlier this year after trade tensions escalated.
Farmers across the Midwest have struggled to find alternative buyers, and some have been forced to store unsold crops. Prices for soybeans dropped nearly 15 percent during the summer, creating a ripple effect across the broader agricultural economy.
When This Week host Martha Raddatz asked Bessent whether he saw “a real light at the end of the tunnel,” he responded that he believed a breakthrough was close. “I think we have addressed the farmer’s concerns,” Bessent said. “I’m not going to get ahead of the president, but I believe when the announcement of the deal with China is made public, our soybean farmers will feel very good about what’s going on both for this season and the coming seasons for several years.”
Bessent’s Personal Ties to Farming
While most Cabinet members speak about trade in policy terms, Bessent’s connection to the issue is unusually personal. His federal financial disclosure shows that he owns soybean and corn farmland in North Dakota, valued between $5 million and $25 million, generating $100,000 to $1 million in annual rental income.
Before joining the Trump administration, Bessent built a career as a hedge fund executive, accumulating an estimated net worth of $600 million, according to Forbes. His transition from Wall Street to Washington has been closely watched, as Bessent has taken an active role in both domestic fiscal policy and international trade negotiations.
A “Substantial Framework” in the Works
Bessent told ABC that the latest trade talks with Chinese negotiators had achieved meaningful progress. While he did not provide specific terms, officials familiar with the discussions told Reuters that the framework includes renewed Chinese commitments to purchase U.S. agricultural products such as soybeans, corn, and wheat.
The framework reportedly also includes a delay in China’s proposed rare-earth export restrictions, a move seen as a goodwill gesture ahead of the Trump–Xi meeting.
If the agreement is finalized, it could lift some of the pressure on U.S. farmers and stabilize soybean futures, which have been highly volatile in recent months. “When the announcement of the deal with China is made public,” Bessent said, “our soybean farmers will feel very good about what’s going on.”
Why This Matters for Investors
For investors, Bessent’s comments are more than just reassurance for farmers. They suggest that the U.S. and China are inching closer to resolving a key front in their ongoing trade war.
A confirmed deal could strengthen the outlook for agriculture, shipping, and farm-equipment stocks, as well as help calm commodity markets that have been whipsawed by trade headlines. Agribusiness names like Deere & Co. (DE), Archer-Daniels-Midland (ADM), and Bunge (BG) could see a boost if Chinese demand for soybeans returns.
Beyond agriculture, easing tensions between Washington and Beijing may also improve sentiment across broader risk assets. The recent rebound in equity markets has partly been fueled by optimism that the Trump administration will secure a trade win before year-end.
Politics and the Farm Belt
Politically, the farm sector remains a crucial constituency for President Trump heading into 2026. The administration has already rolled out billions in aid programs to offset losses from tariffs and declining exports.
Bessent’s acknowledgment of personally “feeling the pain” could resonate with many in the agricultural community who have long sought stronger representation in Washington. His ownership of farmland gives him a rare perspective among policymakers who often speak about trade in abstract terms.
Still, analysts caution that even with a trade framework in place, recovery could take time. China has diversified some of its soybean imports toward Brazil and Argentina, creating new competition for American growers. Restoring those trade relationships will require sustained diplomatic and market follow-through.
What to Watch Next
The next test will come when Trump meets Xi Jinping in South Korea later this week. If the two sides finalize a trade deal, it could trigger a rebound in agricultural exports and improve the outlook for rural economies ahead of the 2026 planting season.
However, investors should remain cautious. Until firm purchase commitments are announced, the soybean market may remain volatile. Traders will also be watching whether any new tariffs or export restrictions are rolled back as part of the final agreement.
Bottom Line
Treasury Secretary Scott Bessent’s revelation that he is both a policymaker and a farmer underscores how deeply intertwined America’s trade policies have become with real-world livelihoods. His optimism about a breakthrough with China is a welcome signal for U.S. farmers and investors alike.
If the upcoming Trump–Xi meeting delivers a concrete deal, the impact could ripple far beyond the soybean fields offering a potential boost to rural America and to markets hungry for stability.
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