Scott Bessent Reveals Trump’s Infuriating China Trade Plan
Donald Trump’s plan is just ... limbo.

Treasury Secretary Scott Bessent admitted Thursday that President Donald Trump’s supposedly triumphant talks about a rare earths deal with China were far from finished.
Speaking on Fox News, Bessent touted Trump’s recent efforts in getting China to agree to pause export controls on its rare earth minerals supply for one year. China, which is the dominant supplier of an array of rare earth minerals, had announced the export controls at the beginning of the month, prompting Trump to threaten outrageous 100 percent tariffs on Chinese goods.
“China unilaterally put, or said they were going to put, a rare earth licensing regime on the entire world, the entire world. And President Trump, as the leader of the free world, got this delayed by one year,” Bessent said. “So it wasn’t just for the U.S., it was for the entire world.”
“Well, what happens a year from now?” host Laura Ingraham asked.
“My guess is a year from now, we’ll be back at the table, and we’ll get another delay, another roll,” Bessent said.
The secretary explained that China’s dominion over rare earths was nothing compared to the threat of Trump’s tariffs on Chinese goods. “We are the deficit country, China has to export to us. So, the deficit country always wins. The surplus country loses,” Bessent said.
“What’s more interesting here is maybe we can settle into a good place where the competition is more fair,” he continued.
But there is no “settling” Trump’s plan—only an endless cycle of negotiation.
At the beginning of October, China’s Commerce Ministry added five more rare earths, as well as magnets and other materials made from them, to a list of 17 minerals that had export controls placed on them. China also placed restrictions on the export of rare earth processing equipment, battery manufacturing equipment, and diamond saws, which would allow other countries to build out their own rare earth manufacturing sectors.
Speaking with reporters on Air Force one this week, Trump claimed that the pause on export controls could be “routinely extended.” China’s Commerce Ministry, however, suggested that Beijing would suspend the measures for a year but then “study and refine specific plans.”
It seems that Trump delayed these new controls, but the original list still remains.
Evan Fiegenbaum, a political scientist and vice president of the Carnegie Endowment, criticized the administration’s approach on X. He warned that the U.S. should prepare for “China to retaliate tit-for-tat anytime the U.S. takes a punitive action,” and that there were plenty of other pressure points China could press.
Alternatively, Louise Loo, head of Asia economics at Oxford Economics, suggested that continuing trade negotiations with China could provide a pressure valve for tensions between the two countries. “China’s leverage in rare earths and critical minerals processing will continue to surface episodically, effectively capping any escalation in bilateral tensions,” Loo wrote in a note Thursday.








