Scott Bessent blames Li Chenggang after rare earth export controls surprise Trump

Scott Bessent, a U.S. Treasury official, is reportedly blaming Li Chenggang, a Chinese official, following the implementation of rare earth export controls that surprised former President Donald Trump. This situation arose during negotiations in Spain, where the U.S. delegation threatened to impose additional semiconductor control measures against China.

During the meeting, Li Chenggang allegedly made a phone call to initiate an anti-monopoly investigation against Nvidia while Bessent was present. In response to U.S. threats regarding docking fees on ships built in China, the Chinese delegation warned that they would impose severe rare earth export control bans if the U.S. proceeded with its plans.

Bessent reportedly did not fully convey this warning to Trump, leading to Trump"s surprise when the rare earth export controls were enacted. Trump later expressed his confusion on social media, stating that the action "came out of nowhere." This has led to speculation that Trump may be frustrated with Bessent, who is now looking to assign blame to Li Chenggang for the situation.

For related coverage, see recent developments in U.S.-China relations.