On November 10, 2025, the United States Secretary of the Treasury, Benson, visited a newly constructed rare earth mineral processing center in South Carolina (referred to as South Carolina below), celebrating the first domestically produced rare earth magnet in the United States in 25 years. He said that this not only helps reduce costs but also will cut off the Chinese Communist Party’s “stranglehold” control over the industry.
Benson visited the EVAC factory located in Sumter, South Carolina, and granted an interview to Fox Business News. The factory, completed in the past 18 months, is aimed at processing rare earth materials into heavy magnets to ultimately eliminate U.S. dependence on the Chinese Communist Party’s supply chain. The factory has begun production in the past few days.
Holding a rare earth magnet in his hand, Benson said, “President Trump signed an executive order on January 20 to make the United States a global leader in the rare earth industry. Now, in November, I am going to bring this thing back to the Oval Office to show President Trump. This is, I believe, the first U.S.-made (rare earth) magnet in 25 years.”
“We are in the process of addressing China’s (Chinese Communist Party’s) stranglehold control over rare earth magnets,” he said. “South Carolina sets an example, and the United States is reclaiming control of its own supply chain.”
Benson also stated that the EVAC factory marks a resurgence in manufacturing and will create job opportunities and lower prices as President Trump’s economic policies take shape.
He explained that these materials are crucial components in almost all modern products – from smartphones and cars to wind turbines, fighter jets, and missile systems.
“Thanks to companies like EVAC, we are finally regaining (supply chain) independence,” Benson said.
“President Trump is committed to bringing manufacturing jobs back to the U.S., and this is just the beginning,” he said. “More importantly, this not only means high-paying jobs but also concerns national and economic security.”
Benson also praised South Carolina Governor Henry McMaster for expediting the state government’s approval process for constructing the EVAC factory, stating that the permits were approved within a few weeks.
On November 7, U.S. Senator Lindsey Graham expressed on the X social media platform that he had visited the EVAC factory in September and is now pleased to see Secretary of the Treasury Benson emphasize the factory’s important work.
“Rare earth minerals are crucial to the 21st-century economy, and the United States and other regions largely rely on China to process rare earth minerals. The EVAC company, based in South Carolina, has plans to break this dependency. Just last week, the factory produced the first U.S.-made magnet in 25 years,” he said.
The Chinese Communist Party repeatedly uses its monopoly position in rare earth supply as a bargaining chip in an attempt to gain concessions. The most recent instance was on October 9 when the Chinese Ministry of Commerce announced an expansion of export controls on rare earth products. President Trump immediately retaliated the next day. On October 30, President Trump and Chinese leader Xi Jinping met in South Korea. China agreed to postpone the implementation of rare earth export controls for one year. The U.S. also agreed to delay the implementation of measures to put thousands of Chinese companies on the U.S. Department of Commerce export control blacklist.
Benson later stated that China is not a reliable partner, and the U.S. will work with allies to develop its supply chain and break free from China’s control over critical minerals like rare earth.
He also mentioned that within the next one to two years, the U.S. will rapidly advance its rare earth supply chain. Therefore, the Chinese Communist Party’s leverage over the United States in rare earth matters can “only last for a maximum of 12 to 24 months.”