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Scott Bessent: “They are flowing as expected. We are in a fulfillment rate…”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Conversation with Scott Bessent, US Secretary of the Treasury

Published January 20, 2026 | Video Starts at 15:44

Because there were reports last year that the Chinese were saying, we will send the rare earths, but we're not sending them to any companies that are tied to the defense sector and the US Military. They are flowing as expected. We are in a fulfillment rate that's in the 90s. which I think is quite satisfactory. So. So they didn't stop, even if it's a defense company, because I believe they tried to do that with Japan as well. (15:44–15:52)

CLAIM

Asserts that rare earth magnets are flowing with a fulfillment rate in the 90s.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

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“We have lost more than 50% of the small and community banks.”
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“President Trump put a 25% tariff on [India]. And India has geared down and has stopped buying Russian oil.”
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“The president has a very strong view on Western hemispheric security and believes that the US should not outsource our national security.”
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“He believes that Greenland is essential for the Golden Dome missile shield.”
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“Greenland's becoming more and more attractive for foreign conquests.”
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“No country is going to assert control [over] Greenland if the US controls Greenland.”
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“This has been in the minds of American Presidents for more than 150 years.”
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“The President has said that he on February 1 will implement a 10% tariff if the Danes do not want to give up Greenland.”
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“When President Trump came in in his first term, the European countries and Canada were not meeting their spending quote as a percent of GDP…”
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“Everyone has [stepped up defense spending], except Spain.”
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“For the fiscal year which ends September 30th, we had a fiscal contraction. For the calendar year, we had a very large fiscal contraction…”
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“Calendar year 2024 was 6.9%, the highest we've ever had when the US was not at war or not in a recession.”
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“Calendar year 2025, 5.4%. I have called for getting that number down to 3% by the end of President Trump's term.”
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“US bond market had its best performing year since 2020.”
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“The Japan situation, that the market there again had a six standard deviation move and that was happening before any of the Greenland news.”
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“The first IPA tariffs were fentanyl tariffs. So on Mexico, on Canada, on China.”
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“On October 8, the Chinese government announced Rare earth export controls on the entire world, not just the US.”
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“They have completed their soybean purchases and we're looking forward to next year's 25 million tons.”
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“They've done everything that they said they're going to do.”
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“4.3% GDP, there was private sector GDP, so are actually after the fiscal contraction.”
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“The government contracted by 0.4.”
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“President Trump's economic policy, tax deals, trade deals, and deregulation.”
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“We're seeing 12, 14% CapEx growth in the U.S.”
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“Price prices are high. That the Biden administration was a wipeout for working Americans, that the price level increased by 21, 22, 23%.”
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“Real incomes have gone up every month since President Trump took office.”
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“Institutional investors hoovered up single family homes post the financial crisis.”
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“Institutional investors can deduct the borrowing amount, but they can also expense any repairs and depreciation.”
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“Institutional investors are much higher in boomtown markets like Charlotte, like Atlanta, like Huntsville, Alabama.”
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“Bank stocks are at a new high through my position on fsoc, the Financial Stability Oversight Council.”
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“Oliver Wyman's numbers estimate that there's 2.5 trillion of extra lending capacity.”
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“Defense contractors are five, six, seven years behind on fulfillment of their contracts.”
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“Several companies have tried to stand up critical minerals facilities in the US and the Chinese come lower price, undercut them and then…”
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“We are going to put in a system, price floor, price ceilings.”
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“We are working at warp speed to create a critical minerals block where we can mine, process and refine critical minerals.”
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“For energy, we are independent. We're the an energy superpower.”
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“They believe that within two years, they can fulfill most of the rare earth magic magnet needs for the US.”
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“President Trump ordered Treasury and our OFAC division, Office of Foreign Asset Control, to put maximum pressure on Iran.”
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