U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer hold a press conference at the Treasury Department in Washington, D.C., on the 15th (local time). Yonhap News. On the 15th (local time), the U.S. Donald Trump administration urged the U.S. and its allies to unite against China, accusing Beijing of attempting to control the global economy through export controls on rare earth elements.

U.S. Trade Representative (USTR) Jamieson Greer, speaking at an unusual joint press conference with the Treasury Secretary at the Treasury Department in Washington, D.C., defined China's rare earth export controls as "economic coercion against every country in the world," noting that "these regulations effectively give China control over the entire global economy and technology supply chain."

Greer stated, "For example, if a smartphone is manufactured in South Korea and sold to Australia, that company would first have to obtain approval from China. This is because mobile phones may contain semiconductors made with rare earths sourced from China," adding, "Neither we nor our allies will follow that kind of system."

He argued that China’s recent measures are not merely intended to gain leverage in negotiations with the U.S., but are "part of a broader plan by China to dominate the global supply chain." He further stated, "The United States will not stand idly by. We are in close communication with allies who are similarly affected (by China’s export controls) and who have expressed similar viewpoints (to the U.S.)."

At the same event, Treasury Secretary Scott Bessent remarked, "If some in the Chinese government want to slow down the global economy through disappointing behavior and economic coercion, it is the Chinese economy that will suffer the most. Make no mistake: this is 'China versus the world.'"

Secretary Bessent declared, "China has imposed unacceptable export controls on the entire world," adding, "We and our allies will neither follow instructions nor be controlled."

He added that "this should be a clear signal to our allies that we must cooperate," and stated plans to discuss the issue with them during the World Bank (WB) and International Monetary Fund (IMF) annual meetings this week.

Bessent further commented, "If China wants to be an unreliable partner to the world, then the world must decouple (from the Chinese economy). The world does not want to decouple; we want to de-risk."

He emphasized, "Once again, we do not want to decouple. We must cooperate to diversify our supply chains away from China and de-risk as quickly as possible."

Additionally, Secretary Bessent stated that the U.S. is prepared to impose tariffs on China for its massive purchases of Russian oil, but noted that U.S. allies in Europe must join in the effort.

Bessent also mentioned that "President Trump still expects to meet President Xi Jinping in South Korea," leaving the door open for a U.S.-China summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which begins in Gyeongju on the 31st.

Yonhap News