'We’re Finally Becoming Independent Again' [WATCH]

Treasury Secretary Scott Bessent said the opening of a new rare earth magnet processing center in South Carolina marks a major step in restoring American manufacturing independence and reducing reliance on China for critical materials.

Exclusive: About to interview @SecScottBessent after a tour of the new eVAC facility in Sumter, SC. The plant built over the past 18 months will process rare earth materials into heavy magnets to remove supply chains from China. Production starts this week. #RareEarths #Treasury pic.twitter.com/F2Ppyhy6ck

— Edward Lawrence (@EdwardLawrence) November 7, 2025

In an exclusive interview with FOX Business’ Edward Lawrence, Bessent discussed the economic impact of the new facility in Sumter, operated by EVAC, and said the project represents a turning point for U.S. industry under President Donald Trump’s administration.

“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 during the visit to the site.

He explained that rare earth materials are essential components used in a wide range of technologies, including smartphones, electric vehicles, wind turbines, fighter jets, and missile systems.

“We’re finally becoming independent again, thanks to companies like EVAC,” Bessent said.

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Bessent described the new processing center as a key part of the administration’s strategy to revive U.S. manufacturing and strengthen economic and national security.

“President Trump was committed to bringing the manufacturing jobs back to America and this is the start,” he said.

“And the good part about this is, not only these high-paying jobs, this is part of national and economic security.”

The Sumter facility, Bessent said, employed roughly 800 construction workers during its development and is expected to expand significantly in the coming years.

“They started it 18 months ago,” he said.

“The state of South Carolina — Governor McMaster was fantastic. 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 credited President Trump’s executive order on rare earth production and supply chain protection for making the project possible, as well as state-level support from Governor Henry McMaster, who worked to fast-track the permitting process.

He said the administration viewed the project as both an economic and national security priority.

“This is the first major step in securing the supply chain that our industries and defense systems rely on,” Bessent said, adding that the facility could eventually expand “six to ten times bigger” as EVAC scales up production.

The Treasury Secretary also addressed the administration’s broader economic goals, including affordability for working Americans.

He contrasted current economic trends with what he described as high inflation and declining real wages under Joe Biden’s administration.

“Under 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,” Bessent said.

Bessent noted that under President Trump, inflation has declined for the first time in four years, and consumer prices are beginning to fall.

“We’re already seeing workers get real wage increases and that’s going to accelerate like it did in President Trump’s first term,” he said.

He also cited improvements in consumer spending power, noting that Walmart recently reported Thanksgiving meal costs are down 25% compared to the previous year.

Bessent said the administration remains focused on policies that directly affect families and workers, emphasizing that affordability and job creation are central to the Trump economic agenda through 2026 and 2027.

“This is about jobs, affordability, and independence,” Bessent said.