Bessent Highlights U.S. Independence in Rare Earths, Inflation Progress in Fox Business Interview
Treasury Secretary says Sumter, S.C. facility marks “the end of China’s choke hold” and signals resurgence of U.S. manufacturing jobs
In an interview on Fox Business from Sumter, South Carolina, Treasury Secretary Scott Bessent hailed the launch of the first U.S. rare earth magnet processing facility in 25 years as a milestone in restoring America’s industrial and national security base. Speaking with anchor Edward Lawrence, Bessent said the new EVAC rare earth mineral center represents “the first magnet made in the U.S. in a quarter-century,” and proof that President Donald Trump’s executive order on rare earths, signed immediately upon taking office, is delivering results.
“We are on our way to solving the Chinese choke hold that they have,” Bessent said, adding that the plant, approved and permitted within eight weeks under Governor Henry McMaster, reflects an “all-hands-on-deck” national security effort.
Rare Earth Independence and National Security
Bessent emphasized the facility’s role in reducing U.S. reliance on Chinese processing of critical minerals essential for defense and technology products — from smartphones and wind turbines to fighter jets, missiles, and precision-guided equipment.
He noted that EVAC was the only non-Chinese rare earth company to survive earlier market collapses and that its workers had trained in Germany to build advanced magnet technology in South Carolina. “These folks stayed in business when everyone else went out of business,” he said.
The secretary said the plant will create 300 permanent manufacturing jobs and supported 800 construction jobs during its buildout. With land already purchased for expansion, Bessent forecasted major growth: “They think they can make it six to ten times bigger. We’re at the cusp of liftoff in 2026 and 2027.”
Manufacturing Revival and Wage Growth
Linking the project to Trump’s broader reshoring agenda, Bessent called the plant “the start” of the president’s manufacturing comeback, describing it as both “high-paying work” and a pillar of national economic security. “President Trump was committed to bringing the manufacturing jobs back to America, and this is the start,” Bessent said.
He contrasted current progress with the prior administration, asserting that under President Joe Biden, inflation eroded workers’ purchasing power. “Real wages got decimated,” he said, citing inflation of 21–22% while “the average basket of goods and services” rose over 30%.
Bessent claimed that inflation had “come down in April for the first time in four years under President Trump,” adding that energy costs and food prices had eased. He cited Walmart’s report that the average Thanksgiving meal cost 25% less this year as an example of restored affordability. (Despite average turkey prices rising across the market, Walmart appears to have raised its turkey price from $0.88 / lb (2024) to $0.97 / lb (2025). However, because Walmart’s bundle promotion also changed (serves 10 people for under $40 in 2025 vs. serves 8 people for under $7 per person in 2024) the overall cost for consumers to secure the turkey + trimmings appears to have fallen.)
Real Wages and Economic Outlook
Bessent said the administration’s next focus is boosting real wages through high-value industrial jobs rather than government employment. He highlighted the transformation of a former soybean field in rural South Carolina into a precision manufacturing hub, replacing lost positions from shuttered factories such as Caterpillar’s.
“This is exactly the kind of facility that President Trump’s trade policies have wanted to create,” he said. “Workers are getting real wage increases again, and that’s going to accelerate like it did in President Trump’s first term.”
The interview concluded with Bessent reaffirming that projects like EVAC’s will “anchor U.S. economic and national security” while ensuring American workers “benefit directly from the reshoring of strategic manufacturing.”
