Big Take Asia The US and China’s High-Stakes Diplomacy
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Jun 12, 2025 Brendan Murray, Bloomberg's trade editor, and John Liu, a reporter covering Beijing, dive into the complexities of US-China relations. They discuss the high-stakes trade negotiations unfolding in London, emphasizing the critical role of rare earth minerals and semiconductor chips. With tensions escalating, they explore how tariffs serve as leverage and the urgency behind President Xi's communication with Trump. The conversation highlights public sentiment in China and the impact of US policies on Chinese students, all while navigating the economic aspirations of both nations.
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China's Rare Earths Leverage
- China controls the supply and processing of most of the world's rare earth minerals, critical for advanced manufacturing.
- This control gives China significant leverage over global supply chains, impacting various industries worldwide.
Balancing Trade Dependency
- Both China and the U.S. aim to limit dependency by trading only up to a certain point.
- Each side seeks to diversify trade partners to reduce mutual economic vulnerability.
China's Public Mood on Trade
- Chinese public supports President Xi standing firm against U.S. tariffs, fueled by perceived unfairness.
- Yet economic concerns grow due to weak domestic consumption and sharp export declines.