China has been an "unreliable partner" in many ways, and the U.S. needs to get out from under the "sword" of Chinese control of rare earth minerals, Treasury Secretary Scott Bessent said Sunday on CNN.
Why it matters: The framework struck by the world's two largest economies isn't even on paper yet, and already both sides are ramping up the rhetoric.
- It underlines concerns that the deal may not be lasting and may have only postponed trade tensions, rather than solving them.
Catch up quick: President Trump announced a framework trade deal with China early Thursday, which included one-year truces for export controls on rare earth minerals and some chip technology, and a Chinese commitment to buy U.S. soybeans.
- Just a day later, Chinese leader Xi Jinping, at a summit in Asia, cautioned the world's nations against taking the U.S. side in the ongoing dispute.
What they're saying: "We don't want to de-couple from China but we need to de-risk. They've shown themselves to be an unreliable partner in many areas," Bessent said in an interview with CNN's "State of the Union."
Between the lines: Bessent made clear the biggest problem was getting out from under Chinese control of the rare earth minerals critical for hundreds of high-tech products.
- "It's China versus the world. They put it on the whole world, and the whole world pushed back," Bessent said of Chinese export controls.
- "We're going to go at warp speed over the next one to two years, and we're going to get out from under this sword the Chinese have over us — and they have it over the whole world," Bessent said.
What to watch: How — and if — the deal is implemented in the weeks and months to come.
- Recent truces haven't lasted more than a few months, and each collapse prompted a fresh wave of escalation.
Go deeper: Trump cuts China tariffs after promises from Xi on rare earths, soybeans
