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ReutersU.S. Treasury Secretary Scott Bessent looks on as he speaks to the media, following the trade talks between the U.S. and China, in Kuala Lumpur, Malaysia (File Photo) RelatedTrump, Xi agree to pause dueling port fees that disrupted trade China's decision to impose export controls on rare earths was a "mistake" and drew attention to Beijing's ability to use them as a coercive tool, US Treasury Secretary Scott Bessent said in an interview published Saturday.Beijing announced new controls in October on exports of technologies related to rare earths, crucial for manufacturing in defence, automobile, consumer electronics and other industries.The restrictions were a major sticking point in trade negotiations between Beijing and Washington, and China said it would halt them after presidents Xi Jinping and Donald Trump met this week.In an interview with the Financial Times, Bessent said: "China has alerted everyone to the danger. They've made a real mistake.""It's one thing to put the gun on the table. It's another thing to fire shots in the air," Bessent said.Live EventsXi and Trump met on the sidelines of the Asia-Pacific Economic Cooperation summit in the South Korea this week.Following the talks, China said it would suspend certain export restrictions, including on rare-earth materials, for one year.The controls had rattled markets and snarled supply chains in the strategic sector, a key source of international leverage for Beijing.Bessent told the FT that China would not be able to pull the same move again, saying: "We have offsetting measures.""I think the Chinese leadership were slightly alarmed by the global backlash to their export controls," he said.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onChina rare earth controlsrare earth export controlsXi Jinping Trump meetingxi jinpingscott bessentUS Treasury Secretary (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onChina rare earth controlsrare earth export controlsXi Jinping Trump meetingxi jinpingscott bessentUS Treasury Secretary(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Explore More Stories123
