"Finally - just a heads up, I'm getting more intel, but this is highly unfortunate,"
"We bailed out Argentina yesterday and in return, the Argentine's [sic] are removing their export tariffs on grains, reducing their price, and sold a bunch of soybeans 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,"
A photo of a private text on Treasury Secretary Scott Bessent's phone shows a message reporting that Argentina removed export tariffs on grains and sold large quantities of soybeans to China after receiving U.S. financial support. The tariff removals and Chinese purchases lowered global soy prices and undercut U.S. soybean sales, weakening U.S. trade leverage with China. The Treasury arranged a $20 billion swap line to stabilize Argentina's central bank and provide capital amid a currency crisis and inflation control efforts by President Javier Milei. The transaction coincided with China pulling out of existing arrangements with U.S. soybean farmers.
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