US Treasury Secretary Scott Bessent has warned that Washington and its allies will not allow Beijing to proceed unchecked with its new export restrictions on rare earth materials, calling it a direct challenge to the global supply chain. He described the situation as "China versus the rest of the world", saying the US would coordinate with partner nations, including India and European allies. Advertisement

"It's China versus the world. They had pointed a bazooka at the supply chain and industrial base of the entire free world. We are not gonna have it. China is a command-and-control economy. We're going to assert our sovereignty in various ways. We've already been in touch with allies. We will be meeting with them this week. I suspect we will get substantial global support from the Europ

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