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

"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."

"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."

Bessent described himself as a soybean farmer and said he has felt the pain caused by the trade war. He suggested a framework deal with China would include relief for farmers and predicted soybean growers would feel good about the announcement for current and coming seasons. He owns up to $25 million in North Dakokta corn and soybean farmland and earns more than $1 million a year by renting it out. He has delayed divesting those holdings despite an ethics agreement but pledged to do so by year-end. He accused China of using the agricultural community as leverage and said the trade war is hurting his own wallet.

Read at Axios