Washington, DC [US], November 2 : China's attempt to weaponise its dominance in rare earth minerals has backfired, triggering a rapid response from the United States and its allies to secure alternative supplies.
US Treasury Secretary Scott Bessent said Beijing "made a real mistake" by attempting to leverage critical resources for political gain, a move that has instead unified Western nations against Chinese economic coercion, as reported by The Epoch Times.
According to The Epoch Times, Bessent stated that China's export curbs on rare earth-related technologies in early October sent shockwaves through global markets and disrupted already strained supply chains.
"China has alerted everyone to the danger. They've made a real mistake," Bessent said, comparing Beijing's actions to "firing shots in the air" after brandishing a weapon.
China's restrictions became a major flashpoint in trade negotiations between Washington and Beijing, compelling the US to fast-track its efforts to diversify sources of critical minerals.
Following a high-level meeting between President Donald Trump and Chinese leader Xi Jinping during the APEC summit in South Korea, China abruptly announced a one-year suspension of the export controls.
Bessent said this policy reversal reflected Beijing's alarm at the global backlash and the fear of losing credibility as a reliable trading partner.
He emphasised that while the temporary suspension could stabilise relations in the short term, China's leverage over the rare earth supply chain is weakening rapidly.
"There's an agreement that we have reached an equilibrium for the next 12 months," he noted, asserting that the US now has "offsetting measures" in place to counter Beijing's influence, as cited by The Epoch Times.
Bessent further predicted that China's ability to use rare earths as a coercive weapon would fade within 12 to 24 months as the US and its allies expand mining and refining operations in Southeast Asia and other friendly nations.
European Union Trade Commissioner Maros Sefcovic confirmed that China's suspension applies to the EU as well, signalling that China's rare earth gamble has only strengthened international resolve to reduce dependency, as reported by The Epoch Times.
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