FWD: Klobuchar, Warren, Colleagues Urge the Administration to Reverse Its Decision to Double Aid to Argentina and Instead Prioritize Restoring Export Markets for U.S. Farmers

FWD: Klobuchar, Warren, Colleagues Urge the Administration to Reverse Its Decision to Double Aid to Argentina and Instead Prioritize Restoring Export Markets for U.S. Farmers

WASHINGTON - Senators Amy Klobuchar (D-MN), Ranking Member of the Senate Committee on Agriculture, Nutrition, and Forestry, and Elizabeth Warren (D-MA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, led 19 of their colleagues in calling on Treasury Secretary Scott Bessent to reconsider further aid to Argentina and focus instead on restoring and expanding export markets for U.S. farmers.

"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," wrote the Senators. "At the end of September, we wrote to the President expressing our concerns about the Administration's announcement that it intended to offer a $20 billion currency swap line to Argentina. As you know, shortly after this announcement, 20 shiploads of soybeans were sent to China from Argentina."

"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," the Senators continued. "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."

Along with Klobuchar and Warren, Leader Chuck Schumer (D-NY) and Senators Dick Durbin (D-IL), Jack Reed (D-RI), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Martin Heinrich (D-NM), Chris Van Hollen (D-MD), Tammy Duckworth (D-IL), Catherine Cortez Masto (D-NV), Jacky Rosen (D-NV), Ben Ray Luján (D-NM), Peter Welch (D-VA), Adam Schiff (D-CA), Andy Kim (D-NJ), Ruben Gallego (D-NM), Lisa Blunt Rochester (D-DE), Elissa Slotkin (D-MI), and Angela Alsobrooks (D-MD) signed the letter.

The full letter is available here and below.

Dear Secretary Bessent:

We write to you with great concern that the Administration has once again prioritized a foreign nation over the needs of American farmers and rural communities.

At the end of September, we wrote to the President expressing our concerns about the Administration's announcement that it intended to offer a $20 billion currency swap line to Argentina. As you know, shortly after this announcement, 20 shiploads of soybeans were sent to China from Argentina. 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.

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.

Across-the-board tariffs are increasing the cost of critical inputs farmers need to produce a crop, like fertilizer and equipment, at the same time retaliatory tariffs are making U.S. agricultural products less competitive and putting key export markets at risk. Similar trade shocks in 2018 and 2019 irreparably harmed U.S. farmers, who never fully recovered the market share that they once had in China. The volume of commodities dependent on this market is staggering-in a typical year China would have normally booked 15.4 million metric tons of soybeans, corn, wheat and sorghum at the end of August. This year there have been no outstanding sales of any of these commodities by a Chinese buyer.

With relatively large harvests and some remaining stocks from 2024, the harvest in many areas is expected to fill the grain bins quickly, with farmers having the added expense of temporary storage in grain bags or even piles on the ground, risking damage to the crop and further price discounts.

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.

We urge you to immediately reconsider further aid to Argentina and to instead focus on restoring and expanding long-term export market access for American farmers.

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