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This is CBS. I on the world. I'm John Batchel. The Secretary of the Treasury, Scott Besson,

a remark that was blunt and candid and honest and straightforward in response to the

announcement by Beijing that there would be export

controls, aka restrictions, on rare earths. My understanding is 70% of the supply for rare earths

around the world comes from the People's Republic of China. My understanding is that without those

rare earths and the supply going out months and months and months, we're looking at an economy

of Europe, an economy of the United States, and all our attended partners grind into a literal

halt because that is the fundamentals of our electronics.

I'm speaking to you digitally.

I fall silent without those rare earth.

I welcome Elaine Dzensky, a senior director and head of the center on economic and financial power at the Foundation for the Defense of Democracies, writing a response to what happens next at the People's Republic

of China.

Mr. Bessent said, undiplomatically, but candidly, their economy is going down, I paraphrase.

They're in a recession depression, I quote, and they're trying to pull the rest of the world down with them.

I quote.

...