Edward Luce, at the Hindustan Times Leadership Summit 2025, argued that Trump’s trade war has backfired by underestimating China’s leverage over critical minerals and rare earths that power both Western high‑tech industry and modern militaries. He said Trump’s “tariff bazooka” was ultimately weaker than Beijing’s ability to weaponise key supplies, forcing Trump into a one‑year truce with Xi at the Busan G20 – proof, Luce suggested, that Trump only backs down when the other side has real leverage.