China blames US for global panic over rare earth curbs

China on Thursday accused the US of stoking panic over its rare earth controls and said treasury secretary Scott Bessent had made “grossly distorted” remarks about a top Chinese trade negotiator, rejecting a White House call to roll back the curbs, Reuters reported.

- Agencies

The Communist Party's official newspaper issued a seven-point rebuttal after US negotiators suggested China could avert Donald Trump's threat to impose 100% tariffs on Chinese goods by scrapping measures set to take effect on November 8.

“The US's interpretation seriously distorts and exaggerates China's measures, deliberately stirring up unnecessary misunderstanding and panic. Provided export licence applications are compliant and intended for civilian use, they will be approved,” said He Yongqian, a commerce ministry spokesperson.