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 continued “lift-off” in U.S. manufacturing through 2026 and 2027.
“President Trump was committed to bringing the manufacturing jobs back to America and this is the start,” Bessent said. “And the good part about this is, not only this high-paying jobs, this is part of national and economic security.”
Bessent said roughly 800 construction workers helped build the facility, which he expects could grow “six to ten times bigger” as the company scales up production.
Bessent credited President Trump’s executive order on rare earths and praised South Carolina Gov. Henry McMaster for helping expedite state permits, which he said were approved in just eight weeks.
“They started it 18 months ago. The state of South Carolina — Governor McMaster was fantastic,” bessent said. “They said it took them eight weeks to get permits. They couldn’t believe how fast it was. And this is President Trump’s all-hands-on-deck for this national security emergency.”
Bessent said affordability remains a top priority of the Trump administration, arguing that under President Biden, working Americans saw their real wages “decimated” as inflation rose more than 20% and the average cost of household essentials climbed into the 30% range.
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By contrast, Bessent said inflation fell for the first time in four years under President Trump, pointing to lower energy prices and noting that Walmart recently reported Thanksgiving meals are 25% cheaper than last year.
He said the administration is focusing on prices and real wages, and argued that both are improving after years of inflation under President Biden.
“We’re already seeing workers get real wage increases and that’s going to accelerate like it did in President Trump’s first term,” Bessent said.
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