Trump Promised to Be Tough on China. Xi Outplayed Him. | China Decode
Scott Galloway, Alice Han, and James Kynge break down the May 2026 Trump-Xi summit, arguing China quietly gained more than the U.S. through control of rare earth minerals and supply chains.
The gist
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China controls rare earth minerals and is using that leverage to seek concessions on Taiwan rather than trading them away cheaply.
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Nvidia's Jensen Huang courted Beijing publicly, hoping China will approve H200 chip exports and open a potential $1 trillion market.
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U.S. tech giants cannot fully decouple from China because companies like Lens Technology still make 74% of iPhones there.
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The newly created U.S.-China boards of trade and investment give both sides ongoing incentives to negotiate rather than escalate.
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