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| Gold V.1.3.1 signal Telegram Channel (English) |
Treasury Secretary Scott Bessent stirred up controversy this week after describing himself as a ‘soybean farmer’ who feels the impact of China’s ongoing ban on U.S. soybeans. During his interview on ABC News, Bessent stressed that he wasn’t immune to the pain American farmers are experiencing.
However, many online have pushed back, pointing out that Bessent’s connection to farming is as a landowner—not an actual hands-on farmer. He owns farmland in North Dakota valued at up to $25 million, which he rents out to others, earning passive income that can exceed a million dollars yearly. In contrast, most small American farm families make around $44,000 per year on the farm, with many relying on side jobs to make ends meet.
Bessent, a former hedge fund manager worth an estimated $600 million, has faced criticism for holding onto his farming assets while in public office. Despite promises to fully divest by December 15th, there are doubts about whether he’ll sell everything as required. Additionally, questions have surfaced about possible conflicts of interest, since Bessent is involved in negotiations with China over soybeans—a deal that could benefit his own holdings.
For many actual American farmers, China’s effective soybean embargo means financial hardship, shrinking revenue and mounting debt. The Department of Agriculture is searching for new export markets, but with China representing such a large share of global demand, relief has been slow in coming. Meanwhile, Bessent’s comments have drawn plenty of ridicule: some have joked that eating edamame doesn’t make one a soybean farmer, and many feel he’s out of touch with everyday farm life.
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*Investment involves risk. You may use the information, strategies and trading signals on this website for academic and reference purposes at your own discretion. 1uptick cannot and does not guarantee that any current or future buy or sell comments and messages posted on this website/app will be profitable. Past performance is not necessarily indicative of future performance. It is impossible for 1uptick to make such guarantees and users should not make such assumptions. Readers should seek independent professional advice before executing a transaction. 1uptick will not solicit any subscribers or visitors to execute any transactions, and you are responsible for all executed transactions.
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| Gold V.1.3.1 signal Telegram Channel (English) |
