China's attempt to leverage rare earth mineral exports backfired, prompting the US and allies to secure alternative supplies. Treasury Secretary Scott Bessent stated Beijing's "economic coercion" unified Western economies. Following global backlash, China suspended export controls, but its leverage is diminishing as diversification efforts accelerate.
source https://timesofindia.indiatimes.com/technology/tech-news/us-treasury-secretary-scott-bessent-says-china-has-alerted-everyone-to-danger-they-have-/articleshow/125038280.cms
source https://timesofindia.indiatimes.com/technology/tech-news/us-treasury-secretary-scott-bessent-says-china-has-alerted-everyone-to-danger-they-have-/articleshow/125038280.cms