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.
“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 at EVAC’s new rare-earth magnet processing center in Sumter.
He explained that the materials are critical components in nearly every modern product — from smartphones and cars to wind turbines, fighter jets and missile systems.
“We’re finally becoming independent again, thanks to companies like EVAC,” Bessent said.
Bessent tied the plant to broader economic revival and job creation, and he predicted a continued “lift-off” in U.S. manufacturing through 2026 and 2027.
