China’s Rare Earth Export Controls Aim to Damage Global Economy: Bessent

The U.S. Treasury chief says Beijing is showing economic weakness and wants to ‘pull everybody else down with them.’

U.S. Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025. Fabrice Coffrini/AFP via Getty Images

U.S.–China trade tensions appeared to escalate on Oct. 14 after Treasury Secretary Scott Bessent accused Beijing of trying to damage the global economy by imposing new export controls on rare earths.

Meanwhile, China’s commerce ministry accused Washington of intimidation by threatening new tariffs.