Xi’s Rare Earths Bargaining Chip Is a Trade War Game Changer

Big Take

2025-10-23

24 分钟
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China’s dominance of rare earths has given Xi Jinping powerful leverage over Donald Trump ahead of their expected meeting next week.  On today’s Big Take Asia podcast, host K. Oanh Ha and Bloomberg’s Daniel Ten Kate dig into how China is weaponizing rare earths and what the economic standoff means for a trade deal and the future of US-China relations. Read more: Xi Is Never Giving Up His Newfound Leverage Over TrumpFurther listening: Xi’s Bromance Diplomacy Is Challenging Trump’s World OrderThe Rebel Army Behind One of the World’s Major Rare-Earth Supplies See omnystudio.com/listener for privacy information.
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  • I have a great relationship with President.

  • I expect to be able to make a good deal with him,

  • and I want him to make a good deal for China, but it's got to be fair.

  • Ahead of a high stakes meeting with Chinese President

  • Xi Jinping

  • next week,

  • US President Donald Trump said he looks forward to making a trade deal.

  • Certainly, there are a lot of people that are waiting for it.

  • Maybe it won't happen.

  • Maybe it won't happen.

  • Things can happen where, for instance, maybe somebody will say, I don't want to meet.

  • It's too nasty.

  • But it's really not nasty, it's just business.

  • If the meeting on the sidelines of the annual APEC summit goes as planned,

  • it would be Trump and Xi's first in-person conversation

  • since Trump began his second term and launched a trade war that's upended the relationship between the world's two largest economies.

  • The US went from negligible tariffs on China to 10%, then 20, then 54, then 104, then 145.

  • There's no shortage of sticking points in a potential trade deal between the US and China.

  • But Bloomberg's Daniel Ten Kate, executive editor of Government and Economics in Asia,