Treasury Secretary Scott Bessent said Sunday he sold his soybean farm last week and acknowledged farmers still need federal help despite a trade deal with China.
Why it matters: The long-pending sale, which Bessent was required to complete under an ethics agreement when he took office, comes as soybean futures sit near their highest levels of the year.
What they're saying: "I probably know more (than) any Treasury secretary about agriculture since the 1800s, and I can tell you that what farmers need is certainty," Bessent told CBS's "Face the Nation."
- He insisted that certainty would come from a long-term purchase agreement with China, announced in October.
- Prior to that deal, the Chinese had for months stopped buying U.S. soybeans, depriving American farmers of their largest export market.
Follow the money: Agriculture Secretary Brooke Rollins said days ago the government would roll out a "bridge" payment for farmers next week while trade deals are finalized.
- Bessent said the Chinese were honoring their commitments and buying crops, but he added the short-term bailout was still necessary.
- "The Chinese actually used our soybean farmers as pawns in the trade negotiations," Bessent said.
- "We are going to create this bridge because, again, agriculture is all about the future, you've got to start financing for planting next year, when things will be very good."
The big picture: Bessent also dismissed talk of an affordability crisis, blaming media coverage and insisting real incomes were rising and tariffs weren't driving inflation.
- "The economy's been better than we thought," Bessent said.
What to watch: It's not clear how big the aid to farmers will be or what conditions will be attached.
