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'Pulling Everybody Else Down’: US Treasury Secy Accuses China of Trying to 'Damage Global Economy'
US Treasury Secretary Scott Bessent accused China of harming the global economy with rare earth export controls amid a sharp global market selloff, including a 1.2% drop in China’s CSI 300.
- On Tuesday, U.S. Treasury Secretary Scott Bessent accused China of deliberately undermining the world economy after Beijing imposed fresh export controls on rare earth technologies, saying `This is a sign of how weak their economy is, and they want to pull everybody else down with them`.
- Donald Trump threatened 100% tariffs on Chinese goods from November 1, while China on Sunday accused the U.S. of `double standards` and Li Chenggang previewed China's attack lines.
- A broad-based selloff hit markets, with Japan's Nikkei 225 plunging 2.6%, STOXX Europe 600 down 0.49%, S&P 500 futures falling 0.87%, and South Korea's KOSPI dropping 0.63%.
- The dispute has already produced new trade costs as both countries introduced port fees on shipping firms this week, while gold and silver investors pushed precious metals prices to record highs.
- Strategic dependence on Chinese minerals implies Beijing's controls on rare earth minerals risk disrupting global supply chains and industrial production in auto, electronic and defense industries.
41 Articles
41 Articles
U.S. Treasury Secretary Scott Bessent accused China of wanting to damage the global economy after the Asian giant introduced new export restrictions in the rare earth strategic sector. “This is a sign of how weak its economy is and they want to drag everyone else with them,” Bessent said during a Monday interview with the Financial Times. The statement responds to Beijing’s decision to impose new controls on rare earth exports, a sector currentl…
US Expects Support From India Against China's Rare Earth Curbs: Official
US Treasury Secretary Scott Bessent revealed on Monday that Washington expects support from its allies and friends, including India, over its attempt to counter China's latest export controls on rare earths.
Bessent Says China Is Trying to Drag Everyone Down With Them
Treasury Secretary Scott Bessent has pointed fingers at China for imposing export controls on rare earths and critical minerals, calling it a deliberate effort to sabotage the global economy amid their own economic struggles. These restrictions target materials essential for advanced technology, including U.S. military applications like the F-35 fighter jets, Tomahawk missiles, and precision-guided bombs. China’s decision marks the first time th…
Trump aide Scott Bessent terms India an ally amid US-China tensions over rare earth, expects support
The US Treasury Secretary's remarks came after China slapped sweeping new export controls in the rare earths. China is the world's leading producer of the minerals used to make magnets crucial to the auto, electronic and defense industries.
China’s Rare Earth Export Controls Aim to Damage Global Economy: Bessent
U.S.–China trade tensions appeared to escalate on Oct. 14 after Treasury Secretary Scott Bessent accused Beijing of trying to damage the global economy by imposing new export controls on rare earths. Meanwhile, China’s commerce ministry accused Washington of intimidation by threatening new tariffs. Bessent told The Financial Times on Oct. 14 that China’s latest round of export controls on rare earth minerals, on which the United States is highly…
InsideNoVA.com
US Treasury chief accuses China of wanting to hurt world economy
US Treasury Secretary Scott Bessent slammed Beijing in an interview this week, accusing it of seeking to harm the global economy after China slapped sweeping new export controls in the strategic field of rare earths.
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