Treasury Secretary Scott Bessent said Sunday that U.S. soybean exports to China were addressed during a meeting between the two sides in Malaysia. <\/p>\n
\u201cI think we have addressed the farmers\u2019 concerns,\u201d Bessent told Martha Raddatz on ABC News\u2019s “This Week<\/a>,” of the meeting with Li Chenggang, China’s top trade negotiator, and Chinese Vice Premier He Lifeng.\u00a0<\/p>\n American soybean farmers have been impacted by President Trump\u2019s tariff battle with China. While the U.S. is typically the top supplier of soybeans to China, China purchased more than 1 million tons<\/a> of soybeans from Argentina last month after the South American country suspended its 26 percent export tax on soybeans, according to Reuters<\/a>.<\/p>\n According to the U.S. Department of Agriculture<\/a> (USDA), U.S. farmers sold $12.64 billion worth of soybeans to China last year, more than $10 billion more than that sold to the next closest trading partner, the European Union.<\/p>\n During the last decade, soybean exports to China peaked in 2022, when farmers sent $17.92 billion worth of the crop to the East Asian country. <\/p>\n \u201cOur soybean farmers will feel very good about what\u2019s going on both for this season and the coming seasons for several years,\u201d Bessent said. <\/p>\n Earlier this month, Trump said on Truth Social<\/a> that he planned to use<\/a> \u201ca small portion\u201d of tariff revenue to assist soybean farmers impacted by the trade battles. Agriculture Secretary Brooke Rollins announced Thursday<\/a> that the USDA is reopening all 2,100 Farm Service Agency offices.\u00a0<\/p>\n The offices, which were closed because of the government shutdown, provide disaster assistance<\/a> and loans to farmers and ranchers.<\/p>\n Trump is expected to meet with Chinese President Xi Jinping in South Korea on Thursday, capping off a five-day trip to Asia that began in Malaysia on Sunday.\u00a0<\/p>\n Bessent told ABC News that negotiators<\/a> from the two countries \u201creached a substantial framework\u201d regarding impending 100 percent U.S. tariffs on Chinese imported goods, which the president announced<\/a> earlier this month over China’s tightening restrictions<\/a> on the sourcing and manufacturing of rare earth minerals.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" Treasury Secretary Scott Bessent said Sunday that U.S. soybean exports to China were addressed during a meeting between ...<\/p>","protected":false},"author":1,"featured_media":1266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/posts\/1264"}],"collection":[{"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/comments?post=1264"}],"version-history":[{"count":1,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/posts\/1264\/revisions"}],"predecessor-version":[{"id":1265,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/posts\/1264\/revisions\/1265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/media\/1266"}],"wp:attachment":[{"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/media?parent=1264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/categories?post=1264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globaltaalenthq.com\/index.php\/wp-json\/wp\/v2\/tags?post=1264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}