Bessent divests from soybean farmland ahead of Trump aid announcement for farmers

WASHINGTON — Treasury Secretary Scott Bessent declared solidarity with U.S. farmers who have grappled with the loss of a major soybean buyer in recent months due to President Donald Trump’s trade war with China.

But now Bessent says it is divesting its holdings in soybean farmland in North Dakota. “I actually divested this week as part of my ethics agreement, so I’m out of it,” Bessent said Sunday on CBS’ “Face the Nation.”

Bessent’s holdings attracted attention because he presided over the Trump administration’s negotiations with China on trade and tariffs. He is expected to take part in the announcement of the new $12 billion agricultural aid package at the White House on Monday.

Millionaire Bessent, a former hedge fund manager, stated in October that he shared the concerns of US farmers who bore the brunt of the trade war between the US and China and told ABC News, “I am actually a soybean farmer.”

China was the largest buyer of American soybeans but significantly increased tariffs on farm products in May after Trump imposed tariffs on Chinese goods and cut off purchases of U.S. soybeans.

“I felt that pain, too,” Bessent said.

One ethics agreement compliance certificate The Dec. 5 filing on the U.S. Office of Government Ethics website includes some clarifications on financial disclosures, but not much detail.

As part of the ethics agreement, Bessent was required to divest his share of the investment, which he said was made through a family partnership. A Treasury representative did not respond to a request for comment from The Associated Press.

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