WSJ What’s News What Xi’s New Playbook for Trump Means for U.S.-China Trade
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Oct 24, 2025 
Lingling Wei, WSJ Chief China Correspondent, discusses Xi Jinping's evolving strategy towards Trump, balancing concessions with aggressive pushbacks, like rare earth controls. Asa Fitch, Heard on the Street writer, analyzes Intel’s stock surge amid government and corporate investments, yet warns that competitive challenges remain. The conversation offers insight into the complexities of U.S.-China relations and the volatile tech landscape as Intel seeks to regain its competitive edge.
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Xi's New Mixed Playbook
- Xi shifted China from a reactive stance to a mixed playbook of catering to Trump while hitting back aggressively.
- This approach reduces Chinese vulnerability to high-handed U.S. pressure and buys Beijing leverage before meetings.
Rare Earths Used As Leverage
- China tightened rare-earth export controls to gain leverage ahead of the Xi–Trump summit in South Korea.
- The move signals Beijing's willingness to use economic tools as bargaining chips in high‑stakes diplomacy.
Ceasefire Likely, But Fragility Remains
- The most realistic summit outcome is an extension of the current trade ceasefire with continued flows of rare earths.
- But heavy‑handed Chinese measures risk emboldening U.S. hardliners and undermining trust with allies.