Farm owner Bessent on soybean crisis: "I have felt this pain too"

Treasury Secretary Scott Bessent — whose net worth is estimated at more than $500 million — on Sunday said he was sharing in the pain of the farm export crisis as a soybean farmer himself.Why it matters: China has cut off purchases of U.S. soybeans amid the trade war, depriving farmers of their largest export market and an estimated $13 billion in annual sales. That has been devastating for the agricultural sector, which is awaiting an oft-promised bailout from the administration. What they're saying: Bessent did the rounds of the Sunday morning TV news shows to discuss a framework deal with China, one that he hinted would include relief for farmers.But it was in an interview with Martha Raddatz on ABC's "This Week" that he sought to cast his own lot with the farm community."Martha, in case you don't know it, I'm actually a soybean farmer, so I have felt this pain too," Bessent said. Between the lines: The New York Times reported in August that Bessent owns as much as $25 million worth of North Dakokta corn and soybean farmland, which he rents out for more than $1 million a year in income. Bessent has delayed divesting his farm holdings, required under an ethics agreement in place since he took office, though he has said he will do so by the end of the year. Zoom in: Bessent accused China of using the mostly Trump-supporting agricultural community as leverage against the president, but said the framework deal should solve their problems. "I believe when the announcement of the deal with China is made public that our soybean farmers will feel very good about what's going on, both for this season and the coming seasons," Bessent said. The bottom line: The Treasury secretary says the trade war is hurting his own wallet, too.

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