A recent leak of messages from Bessent’s phone, taken by the Associated Press during a United Nations session, has sparked concern among U.S. agricultural experts and politicians. The texts appear to show communications from Secretary of Agriculture Brooke Rollins. One message reads: “We bailed out Argentina yesterday (Bessent) and in return, the Argentine’s removed their export tariffs on grains, reducing their price, and sold a bunch of soybeans to China, at a time when we would normally be selling to China.”
Bessent Texts Reveal U.S. Farmers Losing Out
The messages reference a $20 billion aid package by the Trump administration, pledged by Bessent to support Argentina and its president, Javier Milei, a known ally of former President Trump. However, the texts suggest that the move may be inadvertently hurting U.S. farmers, who rely heavily on soybean exports to China.
According to the messages, after receiving the U.S. aid, Argentina quickly sold large quantities of soybeans to China. This comes at a time when American farmers are already struggling, as retaliatory tariffs from China, imposed during trade tensions under Trump, have kept U.S. soybeans from their largest export market.
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One of the messages highlights the strategic disadvantage, saying: “This gives China more leverage on us.” It also includes a link to the X account of Ben Scholl, a specialty grain trader, who noted in a tweet: “China and Argentina work together for soybeans as Bessent offers to subsidize the Argentine economy. They think you are stupid.”
Forbes reported that inquiries have been made to both Bessent and Rollins’ offices for comments regarding the leak.
Political Reaction and Bessent Bailout Criticism
The leaked messages have drawn criticism from U.S. lawmakers, particularly those representing farming regions. Senator Chuck Grassley, R-Iowa, raised concerns on X (formerly Twitter), asking: “Why would USA help bail out Argentina while they take American soybean producers’ biggest market?” He added that family farmers should be prioritized in negotiations, noting that farmers are “very upset” about Argentina selling soybeans to China immediately after the U.S. bailout orchestrated by Bessent.
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The U.S. soybean market relies heavily on exports to China. Last year, China purchased $12.6 billion worth of soybeans from the United States, making it the single largest American export to China in terms of value, according to The New York Times. Since May, China has not bought U.S. soybeans due to tariffs that made American soybeans more expensive.
American farmers and associations are voicing frustration, noting that Brazil and now Argentina are capturing the soybean market that traditionally belongs to the U.S. This shift is happening directly at the expense of American agricultural producers, who are struggling to find buyers at competitive prices.
Bessent’s Aid and Argentina’s Trade Moves
Bessent, alongside former President Donald Trump, pledged the $20 billion bailout for Argentina, aimed at alleviating economic turmoil ahead of Argentina’s midterm elections in October. These elections are critical for President Milei as he seeks to increase his party’s representation in the Chamber of Deputies and the Senate.
In the wake of the bailout, Argentina removed export taxes on grains and other goods to encourage sales and support its economy. Almost immediately after the announcement by Bessent, Argentina sold 20 shiploads of soybeans to China, according to the American Soybean Association.
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The association has called on the Trump administration to negotiate a soybean deal with China. The failure to secure such an arrangement has allowed other exporters, particularly Brazil and Argentina, to capture market share that would normally belong to U.S. producers.
The combination of Bessent’s U.S. aid, Argentine policy changes, and China’s purchasing decisions has left American farmers sidelined at a critical moment for soybean exports. The situation has drawn attention from both lawmakers and industry groups, who argue that domestic producers should remain a priority in trade negotiations.