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The Trump administration will set price floors across a range of industries to combat market manipulation by China, Treasury Secretary Scott Bessent told CNBC in an exclusive interview Wednesday.

China has driven foreign competitors in the rare earth industry out of business over the past two decades by using its global dominance in refining and processing to slash prices, Bessent said.

"When you are facing a nonmarket economy like China, then you have to exercise industrial policy," Bessent told Sara Eisen at CNBC's Invest in America Forum in Washington, D.C.

"So we're going to set price floors and the forward buying to make sure that this doesn't happen again and we're going to do it across a range of industri

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