China ‘Made a Real Mistake’ With Rare Earth Threats: Bessent

The Treasury chief said Beijing’s export controls have alerted trading partners to the dangers of relying on China for critical minerals.

Treasury Secretary Scott Bessent speaks on the sidelines of the IMF/World Bank annual meetings, in Washington, on Oct. 15, 2025. Brendan Smialowski/AFP

Treasury Secretary Scott Bessent said China “made a real mistake” by threatening to restrict exports of rare earth minerals, adding that Beijing’s move has jolted the United States and its allies to fast-track efforts to secure new sources within the next two years.

In an interview published by the Financial Times on Oct. 31, Bessent said China had drawn global attention to its willingness to use critical minerals as leverage.