Treasury Secretary Bessent Sheds Soybean Farmland as Trade War Fallout Intensifies

BY EMMANUEL OGBONNA

Treasury Secretary Scott Bessent, who in recent months has positioned himself as an outspoken ally of American farmers navigating the economic strain of the U.S.–China trade war, revealed on Sunday that he has sold off his personal investments in North Dakota soybean farmland. The announcement comes at a politically sensitive moment, just as the administration prepares to roll out a new multibillion-dollar aid package for agricultural producers hurt by the ongoing dispute.

“I actually just divested it this week as part of my ethics agreement, so I’m out of that business,” Bessent said during an interview on “Face the Nation.” His comments address growing scrutiny over his financial ties to a crop sector directly affected by the tariffs he has helped negotiate. Bessent’s oversight of trade discussions with China had raised questions among ethics experts and lawmakers due to his own agricultural holdings, particularly as soybeans became one of the hardest-hit commodities in the trade conflict.

Despite being a millionaire former hedge fund manager with a sweeping portfolio, Bessent had often emphasized his personal connection to farmers by noting, “I’m actually a soybean farmer.” Those statements resonated widely after China — once the largest buyer of American soybeans — drastically cut imports and imposed retaliatory tariffs following Trump’s escalation of duties on Chinese goods. China’s move left U.S. producers with weakened markets, depressed prices, and a sense of uncertainty about the future of one of the country’s most lucrative exports.

Throughout the trade war, Bessent insisted he understood the hardship firsthand, frequently referencing the losses endured by row-crop farmers. His decision to divest may reflect the tightening ethics requirements that come with his position, but it also arrives at a pivotal time: Bessent is expected to appear at the White House on Monday alongside President Trump for the announcement of a $12 billion farm aid package aimed at easing the financial damage inflicted by the tariff battle.

The forthcoming aid package is part of a broader effort to stabilize an agricultural sector that has long served as a political backbone for Trump but has faced mounting strain as export markets shrink, costs rise, and global competitors fill the void left by declining U.S. shipments. Soybean growers, in particular, have become emblematic of the trade war’s economic toll, with China’s retreat from the American market creating ripple effects across the Midwest.

“I have felt this pain too,” Bessent reiterated, emphasizing his connection to the very farmers now looking to Washington for relief. While his divestment removes a potential conflict of interest, it also underscores the broader stakes for an administration balancing domestic political pressures with a volatile international trade landscape.

A recent ethics compliance filing posted by the U.S. Office of Government Ethics confirms Bessent’s divestment but offers little additional detail about the transaction. The timing, however, leaves little doubt that the Treasury secretary is working to clear conflicts as he steps more visibly into discussions affecting the same industry in which he once held personal investments.

As the administration prepares to unveil its latest attempt to support struggling growers, Bessent’s shift away from direct involvement in soybean farming marks a symbolic moment — one that highlights both the political sensitivity of the trade war and the economic uncertainty still looming over American agriculture.