‘Pawn in trade negotiation’: China refuses to buy US soybeans; Donald Trump admin plans support for farmers

American farmers are looking at losing billions of dollars as Chinese importers have refused to buy US soybeans due to tensions between the two nations. To ease the blow, US treasury secretary Scott Bessent announced that the government will be rolling out new support measures for the farming sector.Bessent told CNBC that the federal government stands behind the farming community, which backed President Donald Trump in the 2024 election. “We’ve got their backs,” he said.“It’s unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations,” Bessent told Reuters.Trump on Wednesday said that soybeans would be a major topic of discussion when he meets Chinese President Xi Jinping in four weeks.Bessent explained that buying American farm products is part of nearly every recent US trade deal. “So we’re going to see other countries substitute for China,” he said. However, despite efforts by the administration and the soybean industry, no other markets have come close to matching China’s usual purchase volumes. A record harvest has also added pressure on prices.Bessent said he met Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday. He asked farmers to expect “substantial support” to be announced on Tuesday, particularly for soybean growers. “On Tuesday, you’re going to see substantial support for the farmers, and we’re also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need for next planting season,” he said.He added that an in-person meeting between Trump and Xi would help set the direction for future trade.“I think with President Trump’s leadership and his relationship – the respect party chair Xi has for him – that this round, which would be our fifth round of talks, should show a pretty big breakthrough,” Bessent said.