As diplomatic tensions with China continue to strain agricultural exports, the U.S. government is preparing substantial financial support for soybean farmers, Treasury Secretary Scott Bessent announced Thursday.

Bessent confirmed that the aid package would be detailed on Tuesday, targeting the economic fallout from China's decision to stop purchasing soybeans from the U.S. during this year's fall harvest - a major blow during peak marketing season.

"It's unfortunate that Chinese leadership has decided to use American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations," Bessent said during a press briefing in Washington.

The halt in Chinese buying has already cost U.S. farmers billions in unrealized sales, according to industry estimates. Adding further pressure, a record soybean harvest is driving prices even lower, squeezing already tight margins.

Bessent emphasized that the support package will work alongside existing channels like the Farm Credit Bureau to ensure producers have the liquidity and credit access they need to prepare for the 2026 planting season.

"You're going to see substantial support for the farmers," Bessent said. "We're also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need."

Soybean growers represent a critical political and economic bloc, particularly in the Midwest. President Donald Trump, who continues to exert influence over trade policy, received strong backing from rural voters in the 2024 election - a point Bessent underscored.

"American farmers overwhelmingly voted for President Trump... We've got their backs," he said.

The soybean trade freeze is the latest development in a long-running dispute between Washington and Beijing, where agriculture remains both a strategic bargaining chip and a key source of leverage.

Trump confirmed he will meet with Chinese President Xi Jinping in four weeks, with soybeans expected to be a major point of negotiation.

Bessent noted that recent U.S. trade agreements have consistently included provisions for American farm product purchases, suggesting the administration will work to find alternative buyers for surplus soybeans.

"We're going to see other countries substitute for China," Bessent said.

The administration's goal, he added, is to preserve global market share for U.S. producers and avoid long-term dependency on any one export destination.

Despite the current tensions, Bessent expressed optimism about the upcoming round of U.S.-China negotiations, calling it the fifth and potentially most productive dialogue yet.

"With President Trump's leadership and his relationship - the respect Party Chair Xi has for him - this round should show a pretty big breakthrough," Bessent said.

For farmers, however, the immediate concern remains: moving this season's crop amid falling prices and global uncertainty.

All eyes now turn to Tuesday's aid announcement, which will determine just how much Washington is willing to put behind its promise: "We've got their backs."