In the US-China trade conflict, rare earth metals are Beijing's ultimate trump card. Last year, China ramped up restrictions on these key industrial elements, spooking industry, and forcing the US to
climb down. Since that wake-up call, the US has worked hard to reduce its dependence on China. It has spent huge sums backing mining companies, penned eye-catching deals and moved to collaborate with allies. But after a little more than a year, how much progress has it made in breaking China’s hold on the rare earths supply chain?

Featuring: Abigail Hunter of the SAFE Center for Critical Minerals Strategy; Gracelin Baskaran of the Critical Minerals Security Program at the Center for Strategic and International Studies; Cory Combs of Trivium China; and FT commodities correspondent Camilla Hodgson.

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With tensions rising between Canada and the US over the latest broadsides in President Donald Trump's trade war, the White House is threatening even more levies following Prime Minister Mark Carney's announced dollar-for-dollar retaliation. The rupture between Ottawa and Washington is becoming harder to dismiss as temporary, with the war of words increasingly implicating the broader relationship between the once-close allies.

But as more countries seek to put distance between themselves and the US, will they really move closer to China? In a conversation recorded Aug. 20, before the latest US-Canada skirmish, Stephanie Flanders is joined by Bloomberg’s Dan Ten Kate and Chris Kennedy to explore how the so-called middle powers are trying to diversify their economic and security relationships — and why Beijing’s export dominance, strategic ambitions and trust deficit mean there may be no easy alternative to an economically belligerent America.

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Can inflation in Japan be a sign of a healthier economy? On this week's episode of Trumponomics, Stephanie Flanders is joined by Taro Kimura, an economist with Bloomberg Economics, and Bloomberg News Senior Editor Chris Anstey to explore the potential cost and benefits of a weakening yen. Together, they examine Japan’s shift away from decades of deflation, why US Treasury Secretary Scott Bessent intervened to support the yen and how instability in Japan could spill over into US Treasury markets and raise American borrowing costs.

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