Treasury Secretary Scott Bessent said the Trump administration plans to set price floors across multiple industries to counter market manipulation by China, particularly in rare earths.

China’s dominance in refining and processing rare earths has driven foreign competitors out of business, prompting the U.S. to pursue industrial policy measures, including forward buying and strategic mineral reserves.

Rare earths are critical for U.S. defense systems like the F-35 and Tomahawk missiles, as well as civilian technologies such as electric vehicles.

The administration has already struck a deal with MP Materials, the largest U.S. rare earth miner, involving an equity stake, price floor, and offtake agreement, CNBC has reported.

Bessent indicated future equity stakes may target strategic industries, while avoiding nonstrategic sectors, as U.S. efforts aim for self-sufficiency and allied cooperation.