In this episode of Roughly Chinese, journalist and activist Danny Haiphong, a U.S.-based writer with the No Cold War campaign, breaks down the recent meeting between Xi Jinping and Donald Trump in Busan, South Korea.

Haiphong explains how China’s new export controls on rare-earth minerals reshaped the balance of power, forcing Washington back to the table. With China refining over 90% of global rare earths vital for U.S. defense and tech industries, this policy shift marked a major geoeconomic turning point. While Trump claimed a “big victory,” Haiphong argues the U.S. actually conceded ground, seeking stability after years of tariff-driven disruption.