U.S. warns China: your rare earth monopoly is running out of time

U.S. Treasury Secretary Scott Bessent said China made a major strategic error by threatening to halt exports of rare earth elements. He emphasized that the U.S. is already developing alternative supply chains that could secure independence within the next two years.

Source Financial Times

Following the Trump–Xi summit in South Korea, Bessent stated that both sides had reached a temporary balance, but warned that Beijing can no longer use rare earths as leverage. “They’ve shown their hand — and lost their advantage,” he remarked.

Beyond trade issues, discussions also covered fentanyl crackdowns, TikTok regulations, and trade deficit reduction. The U.S. believes these new agreements will strengthen Washington’s global economic position and reduce the West’s reliance on Chinese exports.