US stock market plunge will not stop strong action against China, says Scott Bessent

Core Viewpoint - The US will maintain its tough negotiating stance against China despite recent stock market declines linked to escalating trade tensions, with additional 100% tariffs on China set to begin on November 1 due to China's restrictions on rare earth mineral exports [3][6]. Group 1: Trade Tensions and Economic Impact - US Treasury Secretary Scott Bessent accused China of attempting to weaken the global economy amid its internal recession struggles [4]. - Bessent described the situation as "China versus the world," indicating that China is using export controls strategically during its economic slowdown [7]. - The US aims to rally allies like India and European nations to counter China's dominance in the rare earth supply chain [8]. Group 2: Market Reactions - Despite trade uncertainties, Wall Street indices opened higher, with the Dow gaining 161 points (0.3%), S&P 500 increasing by 0.7%, and Nasdaq advancing by 1% [10]. - Bank of America reported a 4% surge in shares after beating third-quarter earnings expectations, driven by strong investment banking revenue [11]. - Morgan Stanley posted record net revenues of $18.2 billion and a profit of $4.6 billion, attributed to successful dealmaking and trading activity [11].