Treasury Secretary Scott Bessent said on Thursday that the Trump administration would release details next week on "substantial support" for American farmers.
Why it matters: The farm economy has been devastated by White House trade policies, and officials have hinted at using tariff revenue to fund bailouts.
Between the lines: The economic pinch is particularly acute for soybean farmers, who've seen demand for their crops dry up in the wake of the U.S.-China trade war.
- China has stopped buying U.S. soybeans, crushing the largest export market for American farmers.
What they're saying: "It's unfortunate that Chinese leadership has decided to use American soybean farmers as a hostage or pawn in the trade negotiations," Bessent told CNBC.
- "You should expect some news on Tuesday on substantial support for our farmers, especially the soybean farmers — they have had President Trump's back and we have their back," Bessent said.
- Bessent added that he discussed the issue with Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday.
Flashback: In recent weeks, Bessent has been leading the charge in pledging support for crisis-hit Argentina.
- But domestic tensions about the move simmered when the South American nation sold discounted soybeans to China, undercutting U.S. farmers.
What to watch: Trump administration officials have not yet signaled how the farmer payouts would be structured, or what the aggregate cost might be.
- The U.S. has brought in billions of dollars in tariff revenue — funds that were anticipated to help pay down federal deficits.
"The Soybean Farmers of our Country are being hurt because China is, for 'negotiating' reasons only, not buying," Trump said in a Truth Social post on Wednesday.
- "We've made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers," he added.
