^{Scott Bessent, U.S. President-elect Donald Trump's nominee to be secretary of treasury, adjusts his glasses as he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, U.S., January 16, 2025. REUTERS/Kevin Lamarque}

Treasury Secretary Scott Bessent, one of President Donald Trump’s top economic advisers, shared a surprisingly personal perspective on the ongoing trade dispute between Washington and Beijing, revealing that he has directly “felt the pain” of China’s refusal to buy American soybeans — because he’s a soybean farmer himself.

Speaking during an interview on ABC News’ This Week, Bessent said that after two intense days of trade negotiations, U.S. and Chinese officials had reached what he described as a “substantial framework” aimed at resolving the agricultural standoff that has battered American farmers for nearly a year.

“Many of our farmers have endured real hardship,” Bessent said. “I understand it firsthand — I’m actually a soybean farmer, so I’ve felt this pain, too.”

Bessent’s remarks come as President Trump prepares for a high-stakes meeting with Chinese President Xi Jinping in South Korea later this week — a discussion expected to center on trade tariffs, agricultural exports, and the broader economic relationship between the world’s two largest economies.

U.S. Soybean Industry Hit Hard by China Boycott

Before the trade war escalated, China was the single largest buyer of American soybeans, purchasing more than half of all U.S.-grown soybeans in 2023 and 2024. According to USDA estimates, soybean exports to China accounted for nearly $12.8 billion in 2024, supporting tens of thousands of American farming families across states like Iowa, Illinois, and North Dakota.

However, following a series of tariff increases and retaliatory measures earlier this year, Beijing halted nearly all soybean imports from the U.S., triggering a sharp decline in crop prices and farm incomes. The U.S. Department of Agriculture reported that soybean exports dropped by over 40% year-over-year during the trade freeze, forcing many farmers to rely on federal aid and alternative markets.

Bessent’s Personal Stake in the Crisis

Financial disclosure forms reveal that Bessent owns several hundred acres of soybean and corn farmland in North Dakota, valued between $5 million and $25 million, generating an estimated $100,000 to $1 million in annual rental income. While his wealth — estimated by Forbes at roughly $600 million — may insulate him from the full financial strain, his comments reflect a deeper understanding of the agricultural sector’s challenges.

“American farmers have really suffered,” This Week host Martha Raddatz said during the interview, asking whether the new trade discussions could reopen Chinese markets for soybean exports.

“I think we’ve addressed farmers’ concerns,” Bessent replied. “I won’t get ahead of the president, but when the details of the agreement are announced, I believe our soybean farmers will feel hopeful about both this season and the coming years.”

A Possible Turning Point for U.S.-China Trade Relations

Economists and agricultural experts suggest that if China resumes large-scale soybean purchases, it could inject billions into rural economies and help stabilize global grain markets. The deal reportedly under discussion includes commitments from Beijing to purchase higher volumes of American agricultural goods, alongside tariff reductions and technology cooperation clauses.

For now, soybean prices remain volatile, hovering around $12.50 per bushel, compared to pre-trade war levels of over $14 per bushel. But optimism is building among traders and farmers alike that a diplomatic breakthrough may soon end one of the most damaging chapters in U.S.-China trade relations.

As Bessent summed up, “This isn’t just about economics — it’s about people, families, and communities that have kept America’s agricultural heartland running. I think brighter days are ahead.”