Bescent: The United States is breaking China's dominance in the rare earth sector

U.S. Treasury Secretary Janet Yellen stated in an interview with Fox Business News on Friday that the United States is moving towards addressing China's control over rare earth supply issues.

Secretary Yellen mentioned a magnet manufacturing plant located in Sumter, South Carolina, as part of efforts to secure the supply chain of critical minerals for clean energy and national defense industries.

Earlier, Yellen warned that Beijing's threat to impose rare earth export controls is "a real mistake," stating that such measures would only heighten awareness of the risks associated with reliance on Chinese materials