Bessent says new rare earth factory will cut costs, break China’s 'chokehold' on industry

Treasury Secretary Scott Bessent told FOX Business' Edward Lawrence that South Carolina’s new rare earth mineral processing center will help cut costs and break China’s "chokehold" on industry.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’s economy takes shape.READ MORE FROM FOX BUSINESS"This is the first magnet made in the U.S. in 25 years — we’re ending China’s chokehold on our supply chain," Bessent said. This is a developing story. Please check back for updates.