US Plans Substantial Aid for Farmers After China Halts Soybean Purchases

The U.S. government, led by Treasury Secretary Scott Bessent, has pledged substantial support for American soybean farmers impacted by China's cessation of soybean purchases amid escalating trade tensions. This move aims to offset significant financial losses faced by farmers, a key political support base for President Donald Trump, especially as China uses soybean trade as leverage in negotiations. An official announcement detailing aid measures, expected next Tuesday, will focus on sustaining farmers and collaborating with the Farm Credit Bureau to equip them for the next planting season. Despite efforts to find alternative markets, no other country has matched China's volume, exacerbating price drops due to a record harvest. President Trump plans to address the soybean trade issue directly with Chinese President Xi Jinping during upcoming talks at the Asia-Pacific Economic Cooperation summit. The administration is considering utilizing tariff revenues collected from trade levies to fund this support, underscoring a commitment to protect farmers amid ongoing trade disputes.