US could hike tariffs if China backtracks on rare earths: Bessent

NEW YORK – US President Donald Trump’s administration is prepared to raise tariffs on China if Beijing continues blocking rare earth exports, Treasury Secretary Scott Bessent warned on Nov 2. China announced on Oct 30 it would suspend for one year the restrictions it imposed in October on rare earth materials and technologies, but Mr Bessent voiced concern that Beijing had not always followed through on its commitments. “The Chinese have cornered the market (on rare earths), and unfortunately at times they proved to be unreliable partners,” Mr Bessent told Fox News Sunday. Such metals are mined in several countries…