US Treasury Secretary Scott Bessent said China has pointed a bazooka at the supply chains and the industrial base of the entire free world, while adding that Washington is expecting support from New Delhi in tackling Bejing’s plans.
Seeing India as a potential ally against China on the rare earths issue, US Treasury Secretary Scott Bessent has criticised Beijing over its new export levies on minerals essential for producing magnets used in the automotive, electronics, and defence industries. China remains the worldโs leading producer of these minerals, also referred to as rare earths.
“This is China versus the world,โ Bessent said, accusing Xi Jinpingโs government of attempting to damage the global economy. Bessent has previously been critical of both India and China for purchasing Russian oil despite the ongoing war in Ukraine.
In his latest interview with Fox Business on Monday, Bessent remarked, โThey [China] have pointed a bazooka at the supply chains and the industrial base of the entire free world. And, you know, weโre not going to have it.”ย He added that the US would โassert its sovereignty in various waysโ and noted, โWe have already been in touch with allies.”
Expect support from India: US treasury secretary
Highlighting India, Bessent said, โWe will be meeting with them this week, and I expect that we will get substantial global support, from the Europeans, from the Indians, from the democracies in Asia.โ He did not elaborate on what form this support might take.
Bessentโs remarks about China, that โthey want to pull everybody else down with themโ โ come in the wake of President Donald Trumpโs announcement of 100% additional tariffs on Beijing over its export controls on rare earths. Trump has also threatened to cancel a planned meeting with President Xi at the Asia-Pacific Economic Cooperation (APEC) summit scheduled for later this month.
India-US tariff row
The heightened tensions follow a period when both countries had eased their tariff war and were engaged in talks for a potential deal. China has accused the US of double standards in levying duties on international trade. Although Trump has stated he wants to โhelp China, not hurt it,โ Beijing has continued an aggressive stance, declaring on Tuesday that it is prepared to โfight to the endโ in the tariff dispute.
India, facing massive US tariffs of 50%, finds itself caught in the middle of this escalating conflict. The US expects India to align with it, even as Prime Minister Narendra Modi has recently moved eastward by visiting China to reset relations strained by border clashes about five years ago.
The US, including Trump and Bessent, has sent mixed signals to India. While Trump frequently mentions โtariffsโ as a priority, he continues to refer to PM Modi as a “good friend”ย and โgreat leader.”
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