On October 15, 2025, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer held a press conference to address what they termed a “global power grab” by China. The officials voiced concerns over China’s significant control over rare earth materials, which are essential for various high-tech industries.
During the conference, Bessent emphasized that while the United States does not aim to escalate trade tensions, they are aware of the ongoing challenges posed by China’s dominance. He noted that President Trump is open to meeting with Chinese President Xi Jinping later this month in South Korea to discuss these issues further.
When asked if there is potential for a more positive economic relationship with China, Greer replied that there is definitely room for improvement. However, he pointed out the current trade imbalance that favors China and expressed the need for a more equitable trading environment moving forward.
Tensions heightened recently due to China’s announcement of stricter export controls on rare earth materials. This shift has drawn sharp criticism from U.S. officials, who warned that it could lead to renewed trade conflicts between the two nations. Trump has threatened to impose severe tariffs on Chinese goods, which has sent shockwaves through financial markets and strained U.S.-China relations.
Bessent clarified that China’s actions were premeditated, disputing Beijing’s claims that they were a reaction to U.S. policies. He mentioned a concerning incident where a lower-level Chinese official threatened chaos in response to U.S. plans to impose docking fees on Chinese ships.
As these discussions unfold, Bessent and Greer continue to seek pathways to stabilize U.S.-China trade relations while addressing the pressing challenges posed by China’s rare earth control.
