"Bessent criticised Beijing for imposing new export controls on rare earths last week a move which riled president Trump suggesting the move would backfire. He told the Financial Times: This is a sign of how weak their economy is, and they want to pull everybody else down with them. Maybe there is some Leninist business model where hurting your customers is a good idea, but they are the largest supplier to the world. If they want to slow down the global economy, they will be hurt the most."
"Bessent's comments come as the mood in the markets turns sour again, following a rally on Monday after Trump seemed to calm a situation which he inflamed on Friday by threatening China with 100% tariffs Stock markets across the Asia-Pacific region are mainly in the red today, with China's CSI 300 index down 0.6%, Hong Kong's Hang Seng losing 1.2% and Japan's Nikkei dropping by 2.1%. Cryptocurrencies are also weakening, with Bitcoin dropping by 2.7% and ether shedding 5%."
US treasury secretary Scott Bessent accused China of trying to hurt the world's economy after Beijing imposed new export controls on rare earths, calling the move a sign of weakness. He warned that China, as the largest supplier of rare earths, would be hurt most if the global economy slowed. Markets turned sour after a brief rally, with Asia-Pacific stocks mainly in the red and Japan's Nikkei closing down about 2.58%. China's CSI 300 fell 0.6%, Hong Kong's Hang Seng lost 1.2%, Bitcoin dropped about 2.7% and ether fell roughly 5%. The dispute risks overshadowing World Bank and IMF annual meetings in Washington amid scheduled economic releases including ONS labour market data and IMF reports.
Read at www.theguardian.com
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