Besant tells Financial Times that faltering China wants to ‘drag everyone down with them’

Treasury Secretary Scott Besent accused China of trying to weaken the global economy by imposing controls on exports of vital technology resources.

in interview Besant said in an interview with the Financial Times that the moves on rare earths and minerals are an attempt by China to “bring everyone down with it.”

He added: “If they want to slow down the global economy, they will be hurt the most.”

This move by China comes ahead of a scheduled meeting between President Donald Trump and Chinese President Xi Jinping.

In an announcement on October 9, Beijing said it would not allow this Export of rare earth materials For military use, the first time it has targeted this specific use. The United States uses rare earth magnets in many of its most important weapons systems, such as the F-35 warplane, Tomahawk missiles, and smart bombs.

Trump responded with: 100% customs duties on Chinese goods As of November 1, she threatened to cancel the meeting with Xi. Markets have been volatile since the dispute escalated, with average Wall Street stocks falling sharply to begin Tuesday.

“They are in the middle of a recession, and they are trying to export their way out of it,” Besant told the Financial Times. “The problem is that they are worsening their position in the world.”