Bailing on Farmers to Bail Out Argentina.

Treasury Secretary Scott Bessent recently pledged $20 billion of support to Argentina to prevent its currency from sliding further and to backstop Javier Milei’s Trump-like economic agenda. Then, Argentina turned around and lowered its export tariffs and dumped its soybean crop on the market. They found a willing buyer in China, who has ceased purchasing U.S. agriculture due to the Trump tariff war. The whole affair boiled over when an AP photographer snapped a picture of a text thread on Bessent’s phone from Agriculture Secretary Brooke Collins who said U.S. soybean farmers were livid because their market collapsed. It’s another example of the Trump administration putting ideology and pettiness ahead of his own constituents. But there’s a larger game afoot that no one is talking about that this situation perfectly illustrates: We’re playing checkers and China is playing chess.