 "(File) US Treasury Secretary Scott Bessent. Reuters")
China “made a real mistake” by threatening to restrict exports of rare earth minerals, US Treasury Secretary Scott Bessent told the Financial Times in an interview published on Saturday.
Bessent criticised Beijing’s decision to tighten control over rare earth exports in October, saying the move revealed China’s readiness to “weaponise” materials vital to defence systems, electric vehicles, and consumer electronics.
“China has alerted everyone to the danger. They’ve made a real mistake,” Bessent said. “It’s one thing to put the gun on the table. It’s another to fire shots in the air.”
He noted that while the US and China had reached a certain “equilibrium,” Beijing could no longer rely on its dominance in critical minerals as a tool of coercion.
The export restrictions quickly became a flashpoint in US–China trade relations, disrupting global supply chains heavily dependent on China’s rare earth production.
The matter was discussed when President Xi Jinping and US President Donald Trump met at the APEC summit in South Korea this week. Following their talks, Beijing announced it would suspend some export limits, including those related to rare earth materials, for one year.
According to Bessent, the backlash to China’s move may deter similar actions in future. “I think the Chinese leadership were slightly alarmed by the global backlash to their export controls,” he said, adding that Washington has prepared “offsetting measures” should Beijing attempt such restrictions again.