Scott Bessent Embarrassed on Air as He Tries to Deflect Farmer Crisis

Treasury Secretary Scott Bessent made an eyebrow-raising claim about the soybean crisis on CNBC’s Squawk Box Thursday.

In recent years, China has consistently been the largest importer of U.S. soybeans, typically purchasing more than half of U.S. soybean exports. Last year, China bought $12.6 billion in American soybeans. But since May, that number has plunged to $0, as China has imposed retaliatory tariffs on American soybeans in response to Trump’s tariffs.

Trump effectively admitted that his trade war was harming American farmers in a Truth Social post Wednesday, in which he said soybean growers “are being hurt because China is, for ‘negotiating’ reasons only, not buying.” (He also unveiled a spin-off to his slogan “MAGA” that wouldn’t fit as easily on a baseball cap: “MAKE SOYBEANS, AND OTHER ROW CROPS, GREAT AGAIN!”)

On Squawk Box Thursday, Bessent blamed America’s ag trade woes on former President Joe Biden. “The Chinese followed through during President Trump’s term in 2020,” Bessent said. “And then, under President Biden, their feet were not held to the fire for these ag purchases.”

Bessent recalled a purported exchange with a Chinese delegation, led by the country’s top economic official, in May: “When I asked him, ‘Why didn’t you continue buying soybeans and the other products?’ they had one word. Guess what it was. ‘Biden.’”

The claim left the CNBC co-hosts momentarily speechless. “Biden,” Kernen repeated softly, before calling B.S. on Bessent using the former president’s own idiolect: “Well, that sounds like malarkey. Come on, man!”

During the Trump 1.0 years, soybean exports to China ranged from $3.12 billion at the lowest (during a 2018 trade war) to $14.07 billion at the highest in 2020. During Biden’s presidency, they were $17.92 billion at the highest in 2022 and $12.64 billion at the lowest last year.

Since halting U.S. soybean imports in May, China has turned instead to suppliers such as Argentina and Brazil.