In the early hours of Wednesday, Donald Trump declared that Xi Jinping was "VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Some 36 hours later, the U.S. leader said he got what he wanted: A commitment to restore the flow of rare earth magnets.
It’s less clear what Xi got in return, apart from putting a lid on further punitive U.S. measures. One of the few clear takeaways appeared to be an assurance for the U.S. to welcome Chinese students, a major issue in China but also not one that would explain why Xi got on the phone after making Trump wait for months.
By taking the call now, Xi appears to be betting that a reset in ties will lead to tangible wins in the weeks and months ahead, including tariff reductions, an easing of export controls and a generally more civil tone. The biggest sign of that was another round of talks — planned for Monday in London — that will now include U.S. Commerce Secretary Howard Lutnick, who’s in charge of curbs on the sale of advanced technology to China.
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