On Friday, Treasury Secretary Scott Bessent went to Fox Business's Varney & Co., in part to tout a major American re-shoring success. The Secretary brought with him what he described as the first rare-earth magnet made in the United States in 25 years.
📍South Carolina: @SecScottBessent hold the first rare-earth magnet produced in the United States in 25 years.
— Rapid Response 47 (@RapidResponse47) November 7, 2025
"We are on our way to solving the Chinese chokehold that they have... this is @POTUS' all-hands-on-deck for this national emergency." pic.twitter.com/3xBfTZ74Oj
Secretary Bessent said:
President Trump got into office on January 20th, and immediately issued an executive order on rare earths, and here we are, it's November, and I have this to take back to the Oval (Office) and President Trump. This is the first magnet made in the U.S. I believe in 25 years. In 25 years. So rare earth magnet problem we are on our way to solving the Chinese chokehold that they have. This fantastic facility that they have here in Sumter, South Carolina, they started it 18 months ago, and the state of South Carolina Governor McMaster has been fantastic. He 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.
An article on Fox Business has more details:
"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.
We should also note that we are becoming independent again, thanks to the opening of mining efforts for rare earths and other mineral resources.
Read More: New: China's Rare Earth Monopoly Defeated by American Ingenuity
Chinese Economic Coercion, Rare Earth Minerals, and Tariffs: Decouple Now or Never
Here's the thing: The Trump administration can count on three more years. The president can count on a friendly (well, mostly) Congress for one more year. A lot of these projects will take more than that. The Trump administration has pushed the GO-button on a lot of mining and energy extraction projects, but no matter how fast the administration moves, there are practical realities that make these things take years in the setup and development.
This, though, this one development, this is good news, and a good start. Rare-earth magnets and other devices are used, as Secretary Bessent notes, in a huge variety of the tech we take for granted, like our phones, our laptops, our tablets, not to mention our cars and trucks, in components like catalytic converters. They are found in portable power tools as well as a host of other items around the typical American household.
These items aren't just used to enhance our lifestyles; they are also used in devices that extend our lives, like MRI scanners and a wide range of other medical devices and technology. In other words, these are materials and components we shouldn't be dependent on China to supply.
This is one more step towards the re-shoring of American industry, and it's a big one.
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