The caption to the photo snapped by an AP photographer is fairly innocuous: "Treasury Secretary Scott Bessent checks a text message regarding Argentina relations with the United States during the 80th session of the United Nations General Assembly on September 23." But the substance of that text doesn't appear so harmless. As CNN reports, it was sent to Bessent by "BR"—thought to be Agriculture Secretary Brooke Rollins. It reads:
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"Just a heads up. I am getting more intel, but this is highly unfortunate. We bailed out Argentina yesterday and in return, the Argentine's [sic] removed their export tariffs on grains, reducing their price to China at a time when we would normally be selling to China. Soy prices are dropping further because of it. This gives China more leverage on us. On a plane but scott I can call you when I land."
As for that bailout, CNN explains, the White House has said it will extend a $20 billion lifeline to Argentina's central bank, which would swap US dollars for pesos in a stabilization move. The text suggests that after receiving the financial boost, the country temporarily rescinded its export tariff on grain. Reuters reports its sources say China responded by purchasing roughly 1.3 million tons of Argentine soybeans. The AP explains why that's such a blow to US soybean farmers.
In response to President Trump's tariffs, China has slapped a 34% tariff on US soybeans, and hasn't purchased any since May, opting instead to source them from other countries. Soybeans are America's No. 1 food export, making up about one-seventh of all farm goods shipped abroad. In 2024, $24.5 billion worth of US soybeans were exported, with China buying about half. Reuters reports Trump and Argentinian President Javier Milei are set to meet at the White House on Oct. 14 to discuss the credit swap line. While Bessent and Rollins haven't publicly commented on the text, Trump posted about the soybean issue Wednesday on Truth Social:
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- "The Soybean Farmers of our Country are being hurt because China is, for 'negotiating' reasons only, not buying. We've made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers. I WILL NEVER LET OUR FARMERS DOWN! Sleepy Joe Biden didn't enforce our Agreement with China, where they were going to purchase Billions of Dollars of our Farm Product, but Soybeans, in particular. It's all going to work out very well. I LOVE OUR PATRIOTS, AND EVERY FARMER IS EXACTLY THAT! I'll be meeting with President Xi, of China, in four weeks, and Soybeans will be a major topic of discussion. MAKE SOYBEANS, AND OTHER ROW CROPS, GREAT AGAIN!"