U.S. Treasury Secretary Scott Bessent speaks on the sidelines of the IMF/World Bank annual meetings in Washington, D.C., on Oct. 15, 2025. Brendan Smialowski/AFP
Treasury Secretary Scott Bessent said China “made a real mistake” by threatening to restrict exports of rare earth minerals, adding that Beijing’s move has jolted the United States and its allies to fast-track efforts to secure new sources within the next two years.
In an interview published by the Financial Times on Oct. 31, Bessent said China had drawn global attention to its willingness to use critical minerals as leverage.
