Strong Bank Earnings Overshadow Escalating Trade War Tensions, Analysts Suggest
Treasury Secretary Scott Bessent characterizes China as having “a nonmarket economy” due to rare earth price slashing. Meanwhile, Bank of America and Morgan Stanley join other major banks in reporting exceptional Q2 earnings. Market indices continue hitting records despite trade war concerns.
U.S. Accuses China of Rare Earth Price Manipulation
Treasury Secretary Scott Bessent has characterized China as having “a nonmarket economy” in an exclusive interview with CNBC, according to reports from the financial network’s Daily Open newsletter. Sources indicate the U.S. Treasury Secretary accused China of using its dominance in the rare earth industry to slash prices deliberately, a move analysts suggest is aimed at driving foreign competitors out of the market.