WASHINGTON – U.S. Treasury Secretary Scott Bessent indicated Sunday that China is poised to resume “substantial” purchases of American soybeans, offering a potential lifeline to struggling farmers facing an economic crisis in rural America. Bessent also stated the U.S. anticipates avoiding a full imposition of tariffs by China.
The news comes as American soybean farmers grapple with falling crop prices and persistently high costs, compounded by a lack of purchases from China – traditionally their largest export market – during this harvest season. A recent surge in soybean exports from Argentina, timed with a reduction in their export duties, had further fueled frustration among U.S. growers,who feared losing market share. According to a recent Fortune report, this shift threatened a potential $47 billion boon for rural America.
Speaking on both CBS and ABC’s This week,Bessent,who revealed he is also a soybean farmer,sought to reassure the agricultural community.he stated that a recent deal would leave soybean farmers “extremely happy…for this year and for the coming years.” He clarified that the Argentine soybean sales were planned prior to U.S. financial assistance to Buenos Aires and were simply taking advantage of favorable market conditions.
“Those soybeans were always going to be on the market.It’s a global market,” Bessent explained. “The three leading suppliers are Brazil, Argentina and the U.S. And I believe that we have brought the market back into equilibrium, and I believe that the Chinese will be making substantial purchases again.”
While Bessent suggested China would ease export controls on rare earths, he confirmed that U.S. restrictions on chip exports and Chinese investments in the U.S. would remain in place, stating, “Ther have been no changes in our export controls.”
