\n<\/p>\n
U.S. Treasury Secretary Scott Bessent speaks to the press, on the day of U.S.-China talks on trade, economic and national security issues, in Madrid, Spain, September 15, 2025. <\/p>\n
Violeta Santos Moura | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Treasury Secretary Scott Bessent accused China of trying to weaken the global economy by slapping export controls on resources vital for technology.<\/p>\n
In an interview<\/a> with the Financial Times, Bessent said the moves over rare earths and minerals are an attempt by China \u201cto pull everyone else down with them.\u201d<\/p>\n \u201cIf they want to slow down the global economy, they will be hurt the most,\u201d he said.<\/p>\n The move by China comes just ahead of a scheduled meeting between President Donald Trump and China\u2019s Xi Jinping. <\/p>\n In an Oct. 9 announcement Beijing said it won\u2019t allow the export of rare earths materials<\/a> for military use, the first time it has targeted that specific use. The U.S. uses rare earths magnets for many of its most important weapons systems such as the F-35 warplane, Tomahawk missiles and smart bombs.<\/p>\n Trump has responded with 100% tariffs on Chinese goods<\/a> starting Nov. 1 and has threatened to cancel the meeting with Xi. Markets have been volatile since the dispute escalated, with Wall Street stock averages down sharply to start the day Tuesday.<\/p>\n \u201cThey are in the middle of a recession\/depression, and they are trying to export their way out of it. The problem is they\u2019re exacerbating their standing in the world,\u201d Bessent told the FT.<\/p>\n<\/div>\n<\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"U.S. Treasury Secretary Scott Bessent speaks to the press, on the day of U.S.-China talks on trade, economic…\n","protected":false},"author":4,"featured_media":35834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-36799","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/36799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36799"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/36799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/35834"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}