Sun Nov 02 22:22:58 UTC 2025: ## U.S. Threatens New Tariffs on China Over Rare Earths Despite Recent Trade Deal
New York – November 3, 2025 – Despite a recent agreement between U.S. President Donald Trump and Chinese President Xi Jinping to ease trade tensions, the U.S. is prepared to reinstate tariffs on China if Beijing doesn’t uphold its commitments on rare earth exports, Treasury Secretary Scott Bessent warned Sunday.
Speaking to Fox News, Bessent expressed concern that China has been an “unreliable partner” regarding rare earth materials, despite announcing a one-year suspension of export restrictions imposed in October. These metals, crucial for numerous industries, are primarily processed in China, giving them a near-monopoly.
“The Chinese have cornered the market [on rare earths], and unfortunately at times they proved to be unreliable partners,” Bessent said.
The suspension followed talks between Trump and Xi in South Korea. While acknowledging the “goodwill between the leaders,” Bessent emphasized the U.S. would take action if China reneges on its promises. “If not, we could threaten the tariffs again,” he warned.
Bessent further criticized past U.S. administrations for failing to address China’s growing dominance in the rare earths market. He pledged the Trump administration would move “at warp speed” to reduce U.S. dependence and eliminate China’s leverage over the global supply chain. “Now this administration, we’re going to go at warp speed over the next one, two years, and we’re going to get out from under this sword that the Chinese have over us — and they have it over the whole world,” he said on CNN.
The recent trade deal includes a 10% reduction in U.S. tariffs on Chinese goods and requires China to take steps to curb the flow of fentanyl into the United States. According to the DEA, China is the largest supplier of this deadly synthetic opioid. Bessent concluded that although the U.S. does not want to “decouple with China”, the country needs to “de-risk”.
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