"Beijing's new export controls on rare earth materials-which the U.S. is dependent on-are "a sign of how weak their economy is, and they want to pull everybody else down with them," Bessent said. "Maybe there is some Leninist business model where hurting your customers is a good idea, but they are the largest supplier to the world," he told the FT. "If they want to slow down the global economy, they will be hurt the most.""
"A broad-based selloff swept global stock markets this morning after U.S. Treasury Secretary Scott Bessent told the Financial Times that China "will be hurt the most" if it doesn't submit to Washington's trade demands. At the same time, China showed no signs of backing down from President Trump's trade war: It imposed sanctions banning Chinese companies from doing business with the U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean. South Korea's KOSPI fell 0.63% on the news."
Global stock markets fell sharply after China banned certain U.S. shipping firms and imposed sanctions affecting Hanwha Ocean's U.S. subsidiaries. Asian and European indexes declined, with Japan's Nikkei 225 down 2.58%, Europe's Stoxx 600 down 0.49%, and S&P 500 futures off about 0.87% before the New York open. Rare earth export controls added pressure by threatening U.S. supply chains. A warning said China would be hurt most if it tried to slow the global economy. Official trade and economic data show exports rose 8.3% in September and the World Bank forecasts 4.8% GDP growth for China this year.
Read at Fortune
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