Farmers struggle under Trump's tariffs. But he has a plan ... to save Argentina.
American farmers, now struggling due to President Donald Trump's chaotic tariff policies, are in the middle of the annual soybean harvest.
And Trump has a plan – to rescue Argentina – even as that country exacerbates the economic harm felt by American soybean farmers.
Trump has always valued a slapdash scramble on the fly more than a long-term, cohesive plan. Just consider how this has played out in recent weeks. Soybeans are planted in May or June and harvested in September and October. Everyone, farmers and politicians, knows that timeline.
In 2024, American soybeans were a nearly $25 billion export, with China as the top importer, spending $12.6 billion.
American farmers, now struggling due to President Donald Trump's chaotic tariff policies, are in the middle of the annual soybean harvest.
And Trump has a plan – to rescue Argentina – even as that country exacerbates the economic harm felt by American soybean farmers.
Trump has always valued a slapdash scramble on the fly more than a long-term, cohesive plan. Just consider how this has played out in recent weeks. Soybeans are planted in May or June and harvested in September and October. Everyone, farmers and politicians, knows that timeline.
In 2024, American soybeans were a nearly $25 billion export, with China as the top importer, spending $12.6 billion.
Guess where that takes us: Argentina is more than happy to sell China soybeans. China bought a quarter of Argentina's soybean crop on Sept. 23, 7 million metric tons. And China got a good deal, since Argentina suspended export taxes on that purchase.
Trump wants to make Argentina great again, apparently
Where was Trump while all that went down?
He was meeting at the United Nations on Sept. 23 with Argentine President Javier Milei, an international political ally, offering his "full backing and endorsement" for Milei's second-term bid two years from now, even as he struggles right now to get Argentina's tumultuous economy under control.
A journalist at the U.N. asked the U.S. president that day if he would bail out Argentina. Trump answered that he didn't think that would be necessary, since he thought Milei has "done a fantastic job."
That position didn't survive 24 hours.
Treasury Secretary Scott Bessent, who met with Milei and Trump at the U.N., announced on social media the next morning that "we stand ready to do what is needed to support Argentina." Bessent said that included a "$20 billion swap line," an infusion of American dollars in Argentina's central bank.
In other words, a bailout – the thing Trump said the day before wasn't necessary. The politician who compulsively speaks about what a great dealmaker he is looks like he got played here.