Bessent says China ‘pointed bazooka’ at global supply chains with new restrictions

As trade tensions with China escalate, US Treasury Secretary Scott Besent warned that the US adversary was making “provocative” moves.

“The United States is pushing for peace in the world. China is financing the war,” Picent said on the “Morning with Maria” program on Monday.

The minister continued: “Trying to gain leverage before meeting with Donald Trump is a bad idea, and he turned the tables with two very good tweets on Friday talking about increasing tariffs and implementing any sanctions we need.” “But we are communicating now. I am confident that we can move forward.”

president Donald Trump sought to allay fears of an escalating trade war with Beijing on Sunday after he threatened to impose 100% tariffs – up from the current 55% – on Chinese imports in response to new export restrictions on rare earth metals.

Stocks decline as the trade war between the United States and China is renewed after Trump threatened to raise tariffs

In a post on Truth Social, Trump said China’s economic problems “will be okay” and insisted the US “wants to help China, not hurt China.”

“Don’t worry about China, everything will be fine!” Trump wrote. “The well-respected President Xi has had a bad moment. He doesn’t want to depress his country, and neither do I. The United States wants to help China, not hurt it!!!”

The post came hours after China issued an official response to Trump’s threat to impose 100% tariffs on Chinese imports by November 1, warning Washington against resorting to “threats” and pledging to “firmly take similar measures” if the United States continues to move forward.

“This is China versus the rest of the world,” Besant said Monday. “They announced these export controls that will go into effect next month, and we strongly opposed them. We’re not sure where that came from, and why the Chinese decided to do this now.”

“They’ve pointed the bazooka at the supply chains and industrial base of the entire free world. And, you know, we’re not going to have that. China is a command-and-control economy. They’re not going to lead.” [nor] Control us. We will assert our sovereignty in different ways. We have already been in contact with the Allies. “We will meet with them this week, and as you know, I expect that we will get significant global support from the Europeans, the Indians and the democracies in Asia.”

Trump’s threat was initially prompted by new Chinese restrictions on the export of rare earths, or minerals that are critical to advanced manufacturing and military technology. China controls about 70% of the world’s rare earth mining and nearly 90% of processing capacity.

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Besant stressed his belief that China is open to discussing this issue, and that the United States is “ready to do whatever it takes” when it comes to reaching an agreement.

“Everything is on the table. I’m optimistic that the escalation can be de-escalated… Lines of communication have been opened… but the United States will not be deterred here. As I said, this is China versus the world. And the Chinese have a different business model than we do. But there is no business model that says hurting your customers is a good idea. China is the largest exporter in the world, and they depend on trade. We don’t want separation. We want that.” To eliminate risks.”

Trump is expected to meet Xi in South Korea in late October, Besant said.

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FOX Business’ Emma Posey contributed to this report.