Washington: US Treasury Secretary Scott Bessent has accused China of imposing export restrictions on technology-related resources as a strategic move to destabilize the global economy. Bessent's remarks were reported by the Financial Times newspaper, where he highlighted China's decision on rare earths and minerals as an attempt "to pull everyone else down with them."

According to Anadolu Agency, Bessent emphasized that China's actions would ultimately backfire. "If they want to slow down the global economy, they will be hurt the most," he stated. He described China as "in the middle of a recession/depression," attempting to export its way out of the economic downturn, but warned that such measures are damaging China's global standing.

The comments from Bessent followed China's announcement on October 9 that it would restrict the export of rare earth elements for military purposes, marking the first time China has implemented such a measure. These rare earth magnets are crucial for the United States, especially in the production of advanced weaponry systems like smart bombs, Tomahawk missiles, and the F-35 aircraft.

In response, US President Donald Trump threatened to impose 100% tariffs on China and canceled his meeting with Chinese President Xi Jinping. However, Trump later reconsidered his stance, suggesting that the tariff increase might not be implemented. On his Truth Social platform, Trump stated, "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The USA wants to help China, not hurt it."