{"id":128217,"date":"2025-11-08T06:17:20","date_gmt":"2025-11-08T06:17:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/128217\/"},"modified":"2025-11-08T06:17:20","modified_gmt":"2025-11-08T06:17:20","slug":"bessent-says-new-rare-earth-factory-will-cut-costs-break-chinas-chokehold-on-industry","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/128217\/","title":{"rendered":"Bessent says new rare earth factory will cut costs, break China\u2019s ‘chokehold’ on industry"},"content":{"rendered":"\n

Treasury Secretary Scott Bessent<\/a> told FOX Business’ Edward Lawrence that South Carolina\u2019s new rare earth mineral processing center will help cut costs and break China\u2019s “chokehold” on industry.<\/p>\n

In an exclusive sit-down interview, Bessent said that the plant marked a manufacturing comeback and will create jobs and ease prices as President Donald Trump<\/a>\u2019s economy takes shape.<\/p>\n

“This is the first magnet made in the U.S. in 25 years \u2014 we\u2019re ending China\u2019s chokehold on our supply chain,” Bessent said at EVAC\u2019s new rare-earth magnet processing center in Sumter.<\/p>\n

Trump Announces $35B Uzbekistan Investment Deal After Meeting With Central Asian Leaders<\/a><\/p>\n

\"Bessent Treasury Secretary Scott Bessent speaks to members of the media outside the White House in Washington, D.C., on Wednesday, Nov. 5, 2025. <\/p>\n

He explained that the materials are critical components in nearly every modern product \u2014 from smartphones and cars to wind turbines, fighter jets and missile systems.<\/p>\n

“We\u2019re finally becoming independent again, thanks to companies like EVAC,” Bessent said.<\/p>\n

Read On The Fox Business App<\/a><\/p>\n

Bessent tied the plant to broader economic revival and job creation, and he predicted a continued “lift-off” in U.S. manufacturing through 2026 and 2027.<\/p>\n

“President Trump was committed to bringing the manufacturing jobs back to America and this is the start,” Bessent said. “And the good part about this is, not only these high-paying jobs, this is part of national and economic security.”<\/p>\n

Bessent said roughly 800 construction workers helped build the facility, which he expects could grow “six to ten times bigger” as the company scales up production.<\/p>\n

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\"Split President Donald Trump and Chinese President Xi Jinping. The U.S. is vying to seize leadership in the critical rare-earth minerals race. <\/p>\n

Bessent credited President Trump\u2019s executive order on rare earths and praised South Carolina Gov. Henry McMaster for helping expedite state permits, which he said were approved in just a matter of weeks.<\/p>\n

“They started it 18 months ago. The state of South Carolina \u2014 Governor McMaster was fantastic,” Bessent said. “They said it took them eight weeks to get permits. They couldn\u2019t believe how fast it was. And this is President Trump\u2019s all-hands-on-deck for this national security emergency.”<\/p>\n

Bessent also said affordability remains a top priority of the Trump administration, arguing that under President Biden, working Americans saw their real wages “decimated” as inflation<\/a> rose more than 20% and the average cost of household essentials climbed into the 30% range.<\/p>\n

\"A A customer shops at a Safeway store. Bessent said affordability remains a top priority of the Trump administration <\/p>\n

Read More From Fox Business<\/a><\/p>\n

By contrast, Bessent said inflation fell for the first time in four years under President Trump, pointing to lower energy prices and noting that Walmart recently reported Thanksgiving meals are 25% cheaper than last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Treasury Secretary Scott Bessent told FOX Business’ Edward Lawrence that South Carolina\u2019s new rare earth mineral processing center…\n","protected":false},"author":2,"featured_media":128218,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,75155,969,113,75156,61,60,75154,7914,63397],"class_list":{"0":"post-128217","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-chokehold","10":"tag-donald-trump","11":"tag-economy","12":"tag-edward-lawrence","13":"tag-ie","14":"tag-ireland","15":"tag-rare-earth-mineral","16":"tag-scott-bessent","17":"tag-south-carolina"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/128217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=128217"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/128217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/128218"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=128217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=128217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=128217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}