China tries shock and awe on Donald Trump
Xi Jinping’s bet that dramatic escalation is the way to win a trade war
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RELIABILITY is for losers. Strength keeps superpowers safe. Some version of that bleak philosophy appears to unite the supreme leaders of China and America.
After some weeks of fragile calm, their trade war is roaring back to life. Officials answering to Xi Jinping and Donald Trump keep exchanging threats and counter-threats. With each round, the two giants give trade partners fresh reasons to fear dependence on them. Neither seems to care.
On Thursday (Oct 9), China unveiled new curbs on exports of rare earth minerals and things made from them, including permanent magnets used in everything from passenger cars to fighter jets. At the same time, China moved to defend its near-chokehold over the production of several rare earths, announcing rules to restrict exports of the technologies needed to process or recycle them.
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