U.S. Treasury Secretary Scott Bessent signaled that the United States might extend its current tariff truce with China if Beijing agrees to postpone its expanded export controls on rare earth minerals. "Is it possible that we could go to a longer roll in return for a delay? Perhaps," Bessent said during a press conference with U.S. Trade Representative Jamieson Greer. Any extension, however, would hinge on the outcome of upcoming negotiations.

Rare earth minerals are critical to many high-tech and agricultural tools, including electric farm equipment, GPS-based precision agriculture, and renewable energy systems. China's dominant position in this market has U.S. industries-especially in ag manufacturing-watching closely for potential disruptions.

Earlier in the day, Bessent told CNBC that the administration is also considering price floors across multiple industries to counteract Chinese market behavior. Though he didn't specify which sectors, the comment reflects a broader shift toward a more protectionist and industrial policy-driven approach in trade.

At the same time, the administration is weighing retaliatory moves in response to China's ongoing reduction in U.S. soybean purchases. Among the ideas floated by President Trump: restricting used cooking oil (UCO) imports from China, a feedstock for renewable diesel.

But the potential impact on soybean prices appears negligible. "If the U.S. banned cooking oil imports from China, it would have minimal impact on U.S. markets," said Stephen Nicholson, a Rabobank analyst. Another agricultural economist said the structure of today's soy oil demand, driven largely by renewable diesel capacity and policy, means UCO imports no longer play a major price-setting role.

Critics of escalating the trade dispute include Rep. Jim McGovern (D-Mass.), who called the proposed cooking oil restriction "stupid" and warned it would simply trigger more retaliation from China.

In another development, Bessent confirmed that the administration is working on a new $20 billion aid package for Argentina-matched by another $20 billion in currency swaps. The effort is aimed at stabilizing financial conditions in the South American country, a major ag producer and U.S. trade competitor.

All of this unfolds amid deep uncertainty in ag markets. With soybean exports stalled and policy interventions offering little short-term relief, farmers remain exposed. "When the markets crash for corn and soybeans, it crashes all our markets for everything," said Wisconsin farmer Sarah Stelter at a recent listening session. Her words reflect the interdependence of grain and specialty crop contracts across rural America.