US Treasury Chief Slams China’s Rare-Earth Export Restrictions
US Treasury Secretary Scott Bessent has sharply criticized China’s recent restrictions on rare-earth exports, calling the move “a real mistake” that could undermine global supply chains and push nations to reduce reliance on Chinese resources. His remarks, delivered at a major economic forum, highlight escalating US-China tensions over trade, technology, and critical minerals.
Why Rare Earths Are Geopolitical Gold
Rare-earth elements—17 minerals essential for smartphones, electric vehicles, and defense systems—are dominated by China, which produces 80% of global supply. Recent export curbs, framed by Beijing as environmental and security measures, are widely seen as retaliation in the US-China tech war.
Bessent’s Warning: Short-Term Gain, Long-Term Pain
“China’s decision to weaponize rare earths is a strategic miscalculation,” Bessent declared. “It will only accelerate efforts by the US, Europe, and allies to diversify supply chains.” The Biden administration is already securing partnerships with Australia, Canada, and Africa, while reviving domestic mining and recycling initiatives.
Global Industries Scramble for Alternatives
China’s restrictions have triggered panic buying and supply chain shifts. Key players like Japan, South Korea, and the EU are investing in local production and stockpiling. Analysts warn that China risks losing its monopoly as nations prioritize self-sufficiency.
China’s Looming Dilemma
While export controls offer leverage, they may backfire by spurring global decoupling. The US and EU could impose countermeasures, and China’s rare-earth dominance could erode as competitors emerge.
The Bigger Picture: US-China Supply Chain Wars
The rare-earth clash is one battle in a broader economic rivalry. Bessent’s critique signals a turning point—where China’s tactics could hasten a new world order in critical minerals.
— Reported by NextMinuteNews
