Treasury Secretary Scott Bessent said that China’s control over rare earth materials will be broken within the next two years, marking an aggressive timeline for the United States to ramp up domestic production.
The comment comes just one day after President Donald Trump met with Chinese President Xi Jinping in South Korea, where the leaders agreed to a truce over China’s export restrictions of rare earths. China, which dominates the global supply of critical minerals and rare earths used in key defense and energy applications, has used it as leverage against the United States.
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