(NewsNation) — As Beijing effectively boycotts soybean imports in retaliation for President Donald Trump’s tariffs imposed on Chinese goods, U.S. farmers tell NewsNation they’re caught in the middle.
U.S. Treasury Secretary Scott Bessent said Thursday the federal government would support American farmers in light of China’s refusal to buy soybeans and that an announcement would be made Tuesday.
“We’ve got their backs,” Bessent said on CNBC. He said the administration would work with the Farm Credit Bureau to make sure farmers have what they need.
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But farmers who spoke with NewsNation said that would only be a temporary fix.
“The American farmer, especially myself included, don’t want aid payments,” said Indiana soybean and corn farmer Brian Warpup. “We want to work. We work the land. We harvest the land. The worst thing that we could ever want is a handout.”
After Trump imposed tariffs on Chinese goods, China responded with tariffs of its own, which now total up to 34% on U.S. soybeans. That makes soybeans from other countries cheaper.
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China’s retaliatory tariffs also hit U.S. growers of sorghum, corn and cotton, and even geoduck divers have been affected. But soybeans stand out because of the crop’s outsized importance to U.S. agricultural exports. Soybeans are the top U.S. food export, accounting for about 14% of all farm goods sent overseas.
China has been by far the largest foreign buyer. Last year, the U.S. exported nearly $24.5 billion worth of soybeans, and China accounted for more than $12.5 billion. That compares with $2.45 billion by the European Union, the second-largest buyer. This year, China hasn’t bought beans since May.
The Associated Press contributed to this report.
