Senators Amy Klobuchar and Elizabeth Warren, along with 19 other members of Congress, have sent a letter to Treasury Secretary Scott Bessent urging the administration to reverse its decision to double financial aid to Argentina. The senators are calling for a shift in focus toward restoring and expanding export markets for American farmers.
In their letter, the senators stated: “We write to you with great concern that the Administration has once again prioritized a foreign nation over the needs of farmers and rural communities.” They referenced a previous communication from September in which they raised concerns about the administration’s announcement of a $20 billion currency swap line to Argentina. Following this announcement, 20 shiploads of soybeans were exported from Argentina to China.
The lawmakers further wrote: “The recent announcement to double this aid with investments from banks and sovereign wealth funds in addition to the U.S. taxpayer commitment threatens to continue to close markets for American farmers, who are already facing increased competition from Argentine and Brazilian farmers.” They added: “At the same time the Administration is weighing financial assistance for farmers impacted by the Administration’s self-inflicted trade war, it is unacceptable to continue taking actions that continue to undermine restoring long-term market access for our farmers.”
The letter was signed by Senators Chuck Schumer, Dick Durbin, Jack Reed, Michael Bennet, Richard Blumenthal, Tammy Baldwin, Martin Heinrich, Chris Van Hollen, Tammy Duckworth, Catherine Cortez Masto, Jacky Rosen, Ben Ray Luján, Peter Welch, Adam Schiff, Andy Kim, Ruben Gallego, Lisa Blunt Rochester, Elissa Slotkin and Angela Alsobrooks.
According to the senators’ letter, tariffs have increased costs for farm inputs such as fertilizer and equipment while retaliatory tariffs have reduced competitiveness of U.S. agricultural products abroad. Previous trade shocks in 2018 and 2019 led U.S. farmers to lose significant market share in China—a loss that has not been fully recovered. In an average year at this time China would typically have purchased over 15 million metric tons of key commodities like soybeans and corn; this year there have been no outstanding sales reported.
With large harvests expected and some grain stocks remaining from last year’s season (2024), storage challenges are anticipated as grain bins fill quickly. Farmers may need temporary storage solutions such as grain bags or even piling crops on the ground—options that could lead to crop damage or price discounts.
The senators concluded: “Instead of prioritizing U.S. farmers and rural communities, the Administration has doubled down on aiding Argentina when family farmers are running out of time and cannot continue to endure short-sighted international actions instead of long-term trade stability.” They urged Secretary Bessent “to immediately reconsider further aid to Argentina and instead focus on restoring and expanding long-term export market access for American farmers.”
