Treasury Secretary Bessent Faces Scrutiny Over Soybean Tariff Comments and Land Holdings

U.S. Treasury Secretary Scott Bessent is under fire for comments downplaying the impact of Trump-era tariffs on American soybean farmers, coupled with scrutiny over his continued financial interest in farmland leased to those same farmers.

During an interview yesterday on ABC’s This Week, Bessent claimed he “felt this pain, too,” stating, “in case you don’t know it, I’m actually a soybean farmer.” Host Martha Raddatz pressed Bessent on the ongoing impact of China’s reduced purchases of American soybeans – a consequence of tariffs imposed during the Trump administration, which saw China shift its soybean imports to Brazil. China previously purchased 54 percent of the U.S. soy crop. Bessent responded by suggesting a forthcoming trade deal with China would benefit farmers, stating, “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.”

However, Bessent is not a farmer but a landlord who rents out as much as $25 million in North Dakota farmland to soybean farmers, generating up to $1 million annually in rental income. This has raised conflict of interest concerns among government ethics experts, particularly as Bessent has not fully divested from these assets despite promising to do so during his confirmation hearings. He claims to have divested 96 percent of required assets and aims to complete the process by December 15th. The Treasury ethics office previously warned Senator Mike Crapo that it is Bessent’s “personal responsibility to avoid taking any action that could create a real or apparent conflict of interest.” The Treasury Inspector General’s Office oversees such matters.

Senator Ron Wyden, ranking member of the Senate Finance Committee, criticized the situation, stating to The New York Times that the administration appears to be “picking and choosing which ethics requirements to follow and which to blow off.” The reduced demand for American soybeans has significantly impacted farm incomes, and the situation highlights broader concerns about transparency and ethical conduct within the current administration. The USDA provides detailed data on U.S.-China agricultural trade.

Bessent maintains he is working to resolve the outstanding divestments and believes a positive outcome for soybean farmers is forthcoming with the anticipated trade deal.