‘Alerted everyone’: US treasury secy Scott Bessent slams China over rare earth controls; calls it a ‘real mistake'

US treasury secretary Scott Bessent criticised China’s decision to tighten control of rare earth exports, calling it a “mistake” that cautioned everyone.

Reflecting on China’s decision to introduce new export restrictions in October, Bessent said the move had revealed Beijing’s willingness to weaponise rare earths, a group of minerals that are vital to defence systems, electric vehicles, consumer electronics and several other industries.


In an interview to Financial Times published on Saturday, Scott said, “China has alerted everyone to the danger. They’ve made a real mistake,”

He further added, “It's one thing to put the gun on the table. It's another thing to fire shots in the air.”

The restrictions quickly became a flashpoint in US–China trade discussions. Beijing’s announcement stunned markets and disrupted supply chains reliant on the minerals, an area where China holds significant global influence.

The issue was addressed when President Xi Jinping and US President Donald Trump met this week during the Asia-Pacific Economic Cooperation summit in South Korea. Following their meeting, Beijing said it would suspend certain export limits, including those related to rare-earth materials, for a period of one year.

According to Bessent, the episode will likely deter China from making similar moves again. He told the Financial Times that Washington has prepared responses should such controls be reintroduced, stating, “We have offsetting measures.”

He further added that China did not expect the level of global pushback generated by the export controls.

“I think the Chinese leadership were slightly alarmed by the global backlash to their export controls,” Bessent said.