“I’ve felt pain too”: Bessent claims to be a soybean farmer while defending Trump trade war

Treasury Secretary Scott Bessent‘s net worth is believed to be north of half a billion dollars. Still, the former hedge fund manager and Trump megadonor wants the American people to think of him as a humble farmer.

During a visit to ABC‘s “This Week” on Sunday, Bessent was asked about a Chinese boycott of soybeans grown in the United States. The U.S. is the single largest exporter of soybeans to China, but that country halted soybean purchases in response to President Donald Trump‘s ongoing trade war. China accounted for more than half of all the soybeans purchased from the United States in the last two years. Bessent said he’s felt the sting of the purchasing pause and that both sides were moving toward a resolution.

“In case you don’t know it, I’m actually a soybean farmer, so I have felt this pain too,” he said. “We have addressed the farmer’s concerns, and I’m not going to get ahead of the president, but 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 for several years.”

Bessent on American farmers being hurt by tariffs: “Martha, in case you don’t know it, I’m actually a soybean farmer, so I have felt this pain too.” pic.twitter.com/D0WPgw9YQ0

— Aaron Rupar (@atrupar) October 26, 2025

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According to his financial disclosure, Bessent owns farmland in North Dakota that he leases to farmers for up to $1 million per year. Trump and Chinese President Xi Jinping are expected to meet on Thursday to discuss trade. Bessent indicated that he had laid the groundwork for a return to the status quo for soybean farmers,

“I believe that the Chinese will be making substantial purchases again,” he said.