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U.S. Treasury Secretary Slams China's Rare Earth Mineral Restrictions, Vows Global Retaliation
Scott Bessent, the current United States Secretary of the Treasury, has been at the center of a high-stakes confrontation with China following Beijing’s recent move to restrict the export of rare earth minerals. According to Fox Business, Bessent labeled China’s actions as provocative and accused the country of financing war at a time of escalating United States and China trade tensions. In remarks made on Monday on the Mornings with Maria program, Bessent emphasized that the United States is pushing for peace while asserting his belief that China’s strategy seeks to gain leverage ahead of a closely watched summit with President Donald Trump.
President Trump’s subsequent threat to increase tariffs on Chinese imports to one hundred percent was prompted by China’s announcement of new export controls on critical rare earth minerals, which are essential for advanced manufacturing and military technology. Bessent pointed out that China currently controls seventy percent of global rare earth mining and nearly ninety percent of processing capacity, giving Beijing enormous influence over international supply chains and the industrial base not just of the United States but of the broader free world.
During his interview, Bessent delivered a strong message that the United States would not be intimidated by China’s export curbs. He described China’s move as the equivalent of aiming a bazooka at global supply chains and argued that the United States, together with allies, is prepared to assert sovereignty and push back. He noted ongoing talks with European, Indian, and key Asian democracies and expressed confidence that substantial global support would be forthcoming. Bessent insisted that while the United States does not want to decouple economically from China, it is firmly committed to de-risking and diversifying strategic industries.
Meanwhile, President Trump sought to tone down concerns over a full trade war, posting on social media that the United States wants to help China, not harm it. Despite this conciliatory rhetoric, China issued an official warning, pledging to take corresponding measures if the United States follows through with the tariff threat. Bessent, however, remains optimistic that dialogue is possible and stated that everything is on the table in negotiations. He expects that a face-to-face meeting between Trump and Chinese leader Xi Jinping could happen as soon as late October in South Korea.
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