US Treasury Secretary Scott Bessent slammed Beijing’s rare earth export curbs Wednesday as “China versus the world,” vowing that Washington and its allies would “neither be commanded nor controlled.”<\/p>\n
“This should be a clear sign to our allies that we must work together, and work together we will,” Bessent told reporters at a press conference.<\/p>\n
His comments came as global economic leaders gather in Washington this week for the International Monetary Fund and World Bank’s fall meetings.<\/p>\n
“We do not want to decouple. We should work together to de-risk and diversify our supply chains away from China as quickly as possible,” Bessent urged.<\/p>\n
He spoke days after Beijing imposed fresh controls on the export of rare earth technologies and items.<\/p>\n
China is the world’s leading producer of the minerals used to make magnets crucial to the auto, electronic and defense industries.<\/p>\n
US Trade Representative Jamieson Greer told the same press briefing that “this is not just about the United States.”<\/p>\n
He said: “China’s announcement is nothing more than a global supply chain power grab.”<\/p>\n
“This move is not proportional retaliation. It is an exercise in economic coercion on every country in the world,” he added.<\/p>\n
Trade tensions between Washington and Beijing have reignited in US President Donald Trump’s second presidency, with tit-for-tat duties reaching triple-digit levels at one point. Both sides have de-escalated levels but their truce remains shaky and is set to expire in early November.<\/p>\n
With the latest controls surrounding rare earths, Trump has threatened an additional 100-percent tariff on goods from China starting November too.<\/p>\n
Bessent said an extension of the halt in higher tariffs was possible, in return for a delay in rare earth curbs.<\/p>\n
myl-bys\/acb<\/p>\n
\u00a9 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"
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