Bill Gross warns on gold momentum as regional bank stocks tumble
Investing.com -- U.S. Trade Representative Jamieson Greer on Wednesday condemned China’s major expansion of rare earths export controls, calling it a "global supply-chain power grab" that the U.S. and its allies would not accept.
During a news conference, Greer described China’s actions as "economic coercion" and a "complete repudiation of U.S.-Chinese trade agreements over the past six months."
U.S. Treasury official Bessent added that China’s economy would be hurt the most by its own economic coercion, stating, "We want to help China, not hurt it." Bessent noted that magnets were "flowing quite well" after previous agreements with China.
Bessent warned that if "China wants to be an unreliable partner for the world, we will need to decouple." He also criticized China’s purchase of Russian oil, saying it "fuels the Russian war machine in Ukraine."
U.S. officials revealed there have been "substantial communication" with Chinese counterparts over the past few days, with a series of meetings scheduled for this week regarding China’s restrictions.