U.S. Treasury Secretary Scott Bessent Accuses China of Trying to ‘Pull Everybody Else Down’ Amid Economic Struggles
In a recent talk with the Financial Times, the US Treasury head Scott Bessent sharply criticized China’s economic plan. He said China, which now faces deep money problems, tries to pull the world down with it.
Export Controls on Critical Resources Stir Controversy
Bessent spoke after Beijing announced on October 9, 2025 a new set of limits on exports. China set these limits on rare earth materials meant for military work. Rare earths help power advanced devices. The United States needs them to run defense systems like the F-35 jet, Tomahawk missiles, and smart bombs.
Bessent said China plans its move to slow the global pace. He warned that while China uses this tactic to slow down trade, it will end up suffering the most from its own controls.
Heightened Tensions Ahead of Key U.S.-China Meeting
These moves add strain just before a meeting between US President Donald Trump and Chinese President Xi Jinping. In reply to the export limits, President Trump said he will tax Chinese goods by 100% starting November 1, 2025, and he even hinted that the meeting could be canceled.
The trade dispute has put pressure on global markets. Major Wall Street indexes dropped sharply when the news spread.
Economic Struggles and Global Impact
Bessent said China is now near a recession or worse. He claimed the nation tries to send out its problems by stopping exports. He warned that these hard measures hurt China’s reputation around the world.
• China’s export limits target rare earths and minerals that drive modern tech.
• The move has sparked worry in US defense and factory circles.
• The tension has led to steep taxes and talk of ending talks.
• Market moves show investors fear long-lasting rough patches in US-China trade.
Looking Ahead
With the US-China meeting close, many around the world now watch to see if talks can lower the strain or if the dispute will keep growing and shake up global trade and safety.
This article is based on confirmed statements by Treasury Secretary Scott Bessent as reported in the Financial Times and market developments leading up to mid-October 2025.
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