The United States has escalated its rhetoric against China on Wednesday, with treasury secretary Scott Bessent claiming that American Senators may back a staggering 500% tariff on Chinese imports over trade with Russia.

The top Trump official said China's rare earth export controls were "clearly something that they were planning all along."

Treasury Secretary Scott Bessent says the US wants to help China, not hurt it, but he says the US and its allies will not let China control the global supply of rare earths. Bessent also said the US could delay implementation of additional 100% tariffs on China.

President Trump threatened an additional 100% tariff on Chinese goods in response to Beijing’s rules requiring companies to seek permission to export products made with rare-earth or

Beijing has yet to approve the sale of TikTok U.S., increase soybean purchases or ease export controls, despite several rounds of U.S. trade talks.

Treasury Secretary Scott Bessent blasted The Wall Street Journal over its coverage of U.S.-China trade relations and accused the newspaper of shilling for China. “I think this narrative

This is China versus the world — they have pointed a bazooka at the supply chains and the industrial base of the entire free world,” Bessent also told Fox Business.

A 100 percentage-point increase in U.S. tariffs on China doesn’t have to happen, said Treasury Secretary Scott Bessent, saying the two sides could step back from an escalation in their trade war through talks in the coming weeks.

US Treasury Secretary Scott Bessent warns of a 500% tariff on China over Russian oil purchases, condemns China’s rare earth export controls, while Trump-Xi talks remain scheduled despite tensions.

Yahoo Finance is chronicling the latest news and updates on President Trump's plans to impose tariffs on goods from other countries.