FT News Briefing Will Trump’s progress in Asia last?
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Oct 31, 2025 
Gideon Rachman, Chief Foreign Affairs Columnist at the Financial Times, discusses the fragility of Trump's foreign policy wins in Asia, emphasizing how recent trade agreements may not endure due to China's leverage in rare earths. Jennifer Hughes, a Financial Times columnist, analyzes India’s robust IPO market, describing it as 'Goldilocks'—not too hot, not too cold—despite economic challenges. Together, they explore the intersection of geopolitics and market dynamics, revealing key insights into current global affairs.
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Fragile Gains In Asia
- Trump's Asia deals may be fragile because 'nothing is permanent' in his administration.
- China’s control of rare earths gives it leverage that could make some agreements stick.
China's Rare Earth Leverage
- China processes about 90% of the world's rare earths and critical minerals.
- That processing dominance acts as a potent strategic weapon in trade and tech disputes.
China Circumvents Tech Restrictions
- China has developed domestic tech to reduce reliance on US restrictions, like a local OpenAI alternative.
- US efforts to block firms such as Huawei have not fully prevented China from advancing its tech capabilities.