Beijing “made a real mistake” by threatening to shut off exports of its rare earths, US Treasury secretary Scott Bessent has said, insisting the US would secure alternative supplies within two years.
Speaking after Donald Trump and Xi Jinping met in South Korea, Bessent told the FT that the US and Chinese leaders had reached an “equilibrium” but warned that China would not be able to keep using its critical minerals as a coercive tool.
“I don’t think they’re able to do it now because we have offsetting measures,” he said, adding that Chinese leverage over the US in rare earths would last no more than 12 to 24 months.
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