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

WASHINGTON (AP) -- Treasury Secretary Scott Bessent has proclaimed solidarity with U.S. farmers in recent months as they grappled with the loss of a major soybean buyer due to President Donald Trump's trade war with China.

But now, Bessent says he's divested his holdings in North Dakota soybean farmland. "I actually just divested it this week as part of my ethics agreement, so I'm out of that business," Bessent said on the CBS program "Face the Nation," Sunday.

Bessent's holdings had raised eyebrows as he headed Trump administration negotiations with China over trade and tariffs. On Monday, he's expected to be part of an announcement for a new $12 billion farm aid package at the White House.

Bessent, a millionaire former hedge fund manager, had in October stated that he shared the concerns of U.S. farmers who bore the brunt of the trade war between the U.S. and China, telling ABC News "I'm actually a soybean farmer."

China had been the largest buyer of American soybeans, but significantly increased tariffs on farm products in May after Trump imposed tariffs on Chinese goods -- and cut its purchases of U.S. soybeans.

"I have felt this pain too," Bessent said.

An ethics agreement compliance certification filing on the U.S. Office of Government Ethics website, dated Dec. 5, provides some explanation about the financial disclosure, but not much detail.

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