A container ship is assisted by a tugboat as it arrives at the Port of Oakland on Oct. 10, 2025. President Donald Trump is threatening to impose a massive increase in tariffs on Chinese imports in response to China announcing new export controls on rare earths. China controls an estimated 70 percent of the global supply of rare earth minerals. Justin Sullivan/Getty Images
When U.S. Treasury Secretary Scott Bessent made a television appearance on Monday to say a Trump-Xi meeting was back on, he said the Chinese had made a “miscalculation” with new restrictions on rare earth exports.
Bessent indicated that amid this trade dispute, the United States is watching as two factions of the Chinese Communist Party (CCP) grapple to determine the future of U.S.-China relations.
