Trump thinks he's flying to Beijing with leverage. China spent 6 years making sure he doesn't have any
Author: Steve H. Hanke
Outlet: Fortune
Date: May 10, 2026
Hanke argues that President Trump is heading into a Beijing summit believing he holds negotiating leverage, when in fact China has spent years methodically fortifying its position. He points to Treasury Secretary Bessent's May 4 plea on Fox News for China's help reopening the Strait of Hormuz and easing pressure on international oil markets, and to Beijing's near-total control over critical rare-earth elements, including neodymium, praseodymium, samarium, europium, gadolinium, and yttrium oxides, that underpin every advanced U.S. weapons system, electric drivetrain, wind turbine, and smartphone. Having built up stockpiles of these materials, China is now deploying them to supply nations in distress, including with oil, leaving Washington with far less real bargaining power than Trump assumes.
Full Citation:
"Trump thinks he's flying to Beijing with leverage. China spent 6 years making sure he doesn't have any," Fortune, May 10, 2026.