Pressure from reduced crop, a lack of international buyers and emerging competition from Brazil is straining U.S. soybean growers. Photo from Braden Egli, Unsplash.

News Release

WASHINGTON, D.C. — Treasury Secretary Scott Bessent said Thursday, Oct. 2 that an announcement of “substantial support” for farmers could come as soon as Tuesday, Oct. 7.

The move would mark the latest attempt to cushion agricultural producers from trade disruptions as the U.S. and China remain at odds over tariffs, fentanyl-related sanctions, and broader economic policies.

China, historically the largest buyer of American soybeans, has not purchased any since the harvest season began in September. The halt follows Beijing’s 20% tariff on U.S. soybeans, a retaliatory measure against Trump’s import taxes on Chinese goods. In the 2022-23 marketing year, U.S. farmers grew $60.7 billion worth of soybeans, more than half of which were typically exported. Illinois, Iowa, Nebraska, and Minnesota are leading producers.

Farmers say they face growing financial pressure as orders shift to Brazil and Argentina, where China has secured supplies through the end of the year. Industry groups warn that without a trade breakthrough soon, U.S. farmers could lose long-term market share.

Trump and Chinese President Xi Jinping are expected to meet later this month at the Asia-Pacific Economic Cooperation summit in South Korea, where soybeans are expected to be a key topic. Analysts view a potential soybean deal as one of the most achievable outcomes in the strained U.S.-China relationship.

During Trump’s first trade war with China, farmers received more than $22 billion in federal aid in 2019 and $46 billion in 2020, though the latter also included pandemic assistance.