U.S. Treasury Secretary Scott Bessent speaks to reporters on the day of U.S.-China talks on trade, economic and national security issues in Madrid, Spain, September 15, 2025.
Violeta Santos Moura | Reuters
Treasury Secretary Scott Bessent accused China of trying to weaken the global economy by imposing export restrictions on technology-critical resources.
In an interview with the Financial Times, Bessent said the move over rare earths and minerals was an attempt by China to “bring other countries down as well.”
“If they try to slow down the global economy, they are the ones who will be hit the hardest,” he said.
China’s move comes just ahead of a scheduled meeting between President Donald Trump and Chinese President Xi Jinping.
In an Oct. 9 announcement, the Chinese government said it would not allow exports of rare earth materials intended for military use, targeting specific uses for the first time. The United States uses rare earth magnets in many of its most important weapons systems, including the F-35 fighter jet, Tomahawk missiles, and smart bombs.
President Trump responded by imposing 100% tariffs on Chinese goods starting November 1 and threatened to cancel talks with President Xi. Markets have remained volatile since the conflict escalated, with Wall Street averages falling sharply to begin Tuesday.
“They are in the middle of a recession/depression and are trying to get out of it by exporting. The problem is that they are worsening their position in the world,” Bessent told the FT.
