“They Can’t Be Trusted with the Global Supply Chain,” Says Bessent

U.S. Treasury Secretary Scott Bessent blasts Beijing’s sweeping export curbs on rare earth minerals, warning they threaten the stability of global supply chains and signal a new phase in the economic power struggle between China and the West.

Editorial Team (ET)October 15, 2025

In a stark rebuke that underscored deepening U.S.-China tensions, Treasury Secretary Scott Bessent condemned Beijing’s sweeping new export controls on rare earth minerals — a move that sent ripples through global markets already on edge. Speaking alongside U.S. Trade Representative Jamieson Greer, Bessent warned that China’s decision to tighten the flow of these critical materials was not simply an act of economic protectionism, but a direct challenge to the world’s industrial supply chain.

At the heart of the dispute lies a new rule that effectively gives Beijing veto power over any product containing even a trace amount of Chinese-mined or processed rare earths. That threshold, a mere 0.1%, covers everything from semiconductors and batteries to magnets in electric vehicles and fighter jets. It’s an expansive grip that threatens to hold the global tech economy hostage.

Bessent’s tone was measured but firm. He stressed that while the U.S. seeks stability and open dialogue, China’s latest measures represent a deliberate act of economic coercion — not just toward America but toward every nation reliant on advanced technology. “This is not proportional retaliation,” Bessent declared. “It is an exercise in economic coercion on every country in the world.”

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