China and United States

Bessent says rare-earth restrictions accelerated U.S. diversification

U.S. Treasury Secretary Bessent said China made a "real mistake" by proposing since-postponed export control restrictions on rare earths, since the threat alone motivated the U.S. to get serious about finding alternative sources

Treasury Secretary Scott Bessent’s assessment that China’s proposed and subsequently postponed rare-earth export controls prompted the United States to pursue alternative sources more seriously.