Trump's Trade War Backfires: When Your Own Voters Pay the Price

The China-US trade talks in Madrid just wrapped up, and Treasury Secretary Bessent—who led the American delegation—probably wishes he could forget the whole thing. The guy must've been sweating bullets the entire time, and for good reason.

Here's a story that perfectly captures the mess Trump created: two brothers in North Dakota who've been farming soybeans for 76 years just watched their biggest customer—China—completely stop buying their crops. Their 930-hectare farm, as New York Times puts it, is “projected to lose $400,000 in 2025”. Mountains of soybeans that should've been shipped to Asia are instead rotting in giant steel silos.

When Actions Meet Consequences

China and America could've kept doing business just fine, but Trump had other plans. The moment he slapped tariffs on Chinese goods back in February, Beijing hit back exactly where it would hurt most—American soybeans. And why wouldn't they? It was proportionate retaliation, plain and simple.

NYT went on: “In a typical year, more than half the soybeans grown in the United  States are sold to China. That includes around 70% of North Dakota’s soy-beans…But Trump’s trade war with China has changed that dynamic. After the president imposed tariffs on the goods of that country on the grounds that its economic practices threaten US national security, Beijing retaliated with tariffs of its own.”

The New York Times laid out just how brutal things have gotten for soybean farmers, but here's the kicker—there's an even bigger victim in this whole saga: Treasury Secretary Bessent himself.

The Treasury Secretary's Not-So-Secret Problem

Turns out Bessent owns thousands of acres of farmland in North Dakota, worth a cool $25 million. This land grows soybeans and corn—you know, the stuff that used to get exported to China. According to his financial disclosures, these investments were pulling in up to $1 million annually in rental income.

Sure, for a former hedge fund manager worth hundreds of millions, losing a million bucks might be pocket change. But for the actual farmers working the land? They're staring down financial ruin.

So here's the wild part—after getting hammered by Trump's trade war, will farmers finally turn on him? Not likely. As BBC puts it, “A survey by Pew last month found that 53% of rural Americans approve of the job Trump is doing, far higher than the 38% figure for the country as a whole.” Why? “For some farmers at the state fair, the explanation is simple: they believe the US president when he tells them that tariffs will help them in the long run.”

In BBC’s article “US farmers are being squeezed”, John Maxwell, a dairy farmer and cheese producer from Iowa expressed his support and beliefs. "We think the tariffs eventually will make us great again," says John.

"We were giving China a lot, and [previously] we paid tariffs when we sold to them. Let's make it fair. What's good for the goose is good for the other goose."

So what's Trump's master plan? Well, in August he took to social media to personally appeal to China's leadership, demanding China to quadruple its soybean purchases. His post basically said: "Our great farmers produce the most robust soybeans." Seriously, that was his strategy.

But China wasn't about to fall for Trump's stand-up comedy routine. They'd come prepared.

China's Countermove

After America's "Liberation Day" stunt, Bloomberg reported in mid-April that “China just scooped up an unusually large amount of Brazilian soybeans, highlighting how the escalating trade war is making purchases of US crops unviable.”

“At least 2.4 million tons of beans were booked earlier this week, almost one-third of the average volume China typically crushes in a month”, people “familiar with the matter” told Bloomberg News, “They noted that the buying spree was unusually large and fast.”

Caleb Ragland, the chairman of the American Soybean Association published a desperate plea through media outlets, begging Trump not to plunge the voter base that “helped reelect him in overwhelming numbers“ and to reach a deal with China ASAP. His conclusion was stark: "Now, because of the trade war with China, I’m worried we could be out of business by 2027."

A Family Tragedy

From China's perspective, this whole mess looks like a family tragedy—like the ancient tale of Cao Pi mistreating his brother Cao Zhi, showing zero regard for brotherly bonds. The farmers who voted for Trump are closer than brothers, yet he's asking them to risk bankruptcy to support his policies while casually telling China to "come take a look at our beautiful American soybeans." Does he really think that'll work?

Farmers are facing creditors at their doors—they need solutions faster than composing a seven-step poem, Mr. President! The soybean situation is critical, and not everyone can stay as calm as the Treasury Secretary with his deep pockets. Figure something out—China's always willing to negotiate.

Deep Blue

** The blog article is the sole responsibility of the author and does not represent the position of our company. **

At the beginning of the new year, Donald Trump has single-handedly changed the United States, and the global landscape may also be reshaped. First, he declared that as Commander-in-Chief, the President’s authority is limited only by his own morality. Later, he posted an image on his social platform Truth Social with the caption “Acting President of Venezuela”. The New York Times directly questioned: “Does this mean ignoring international law and acting without any constraints to invade other countries?” Regarding international law, Trump stated, “I abide by it,” but made it clear that when such constraints apply to the United States, he would be the ultimate arbiter.

On January 7, 2026, the President signed a presidential memorandum ordering the United States to withdraw from 66 international organizations, including 31 United Nations entities and multiple major international agreements. This action is aimed at exiting organizations deemed by the White House to be “contrary to U.S. interests” and a waste of taxpayer funds. The UN bodies to be withdrawn from include UN Women, the UN Population Fund (UNFPA), the United Nations Framework Convention on Climate Change (UNFCCC), and the International Law Commission.

Clearly, Trump has a unique blueprint that serves only American interests. He might retort: “What era is this, still talking about international law and core values? Don’t you know the current state of the U.S.? Don’t you know that the U.S. has long been planning drastic actions?”

In April 2020, retired U.S. Marine Corps officer Mark Cancian proposed a bold strategy. The National Interest reported: “With a coastline of 9,000 miles and the world’s second-largest merchant fleet after Greece, including Hong Kong, China has over 4,000 ships. This is not an advantage but a vulnerability. The U.S. could effectively blockade China’s economy by launching a clever campaign, leaving it exhausted.” The suggestion was for the U.S. to emulate 16th-century Britain by supporting privateers—civilian organizations specialized in plundering Chinese merchant ships. Given China’s current military capabilities, it should be able to meet such challenges, so there’s no need to worry. Still, one can’t help but applaud the audacity of such an idea.

Back then, Biden paid no attention to this plan, as the Democrats were still refined and attached great importance to the cloak of universal values. At the same time, Biden, at least nominally, had to pay lip service to the United Nations, because ideology mattered. The U.S. had previously displayed a magical logic: attacking you to save your people, destroying your country to introduce democracy and freedom, imposing sanctions because you’re a dictatorship... Trump cannot be like ordinary advocates of universal values, who always cite international law and classical references. First, neither he nor his team possess such knowledge. Second, pretending to uphold morality can no longer maximize American interests. Third, former adversaries have “risen,” gradually establishing international moral authority. If the U.S. continues to preach benevolence, righteousness, propriety, wisdom, and trustworthiness, it will only become a laughingstock. After all, Trump has already discarded America’s credibility like trash.

Retired officer Cancian’s plan is exactly the White House’s cup of tea. For context—in the 16th century, Britain supported privateers, civilian organizations that plundered rival nations’ merchant ships. This was essentially the legalization of piracy, with the British monarch issuing “letters of marque” to recruit outlaws for royal service, dubbing them “royal pirates.” These privateers helped Britain destroy the then-dominant Spain at sea, significantly boosting British power and laying the foundation for the Industrial Revolution.

In reality, Trump has already begun “highway robbery” operations, seizing multiple cargo ships in the Caribbean. The White House has also dropped the pretense. Foreign media reported that Deputy Chief of Staff Miller recently declared: “The only permissible maritime energy transportation must comply with U.S. law and national security.” This is no different from robbery—“This mountain is my domain, these trees are my planting; if you wish to pass, leave your toll.” The only difference is that the U.S. is not just a bandit but a pirate. Similarly, Trump and Cheng Yaojin from the Dramatized History of Sui and Tang Dynasties share the title of “Chaos Demon King.”

Next, following the “Trump Gold Card,” Trump could publicly issue “letters of marque,” auctioning them to the highest bidder, and even list them on Wall Street. Their valuation might surpass that of the “Seven Sisters” oil companies—who knows?