China Holds Leverage in Rare-Earths Trade Dispute With US

Good morning. Beijing may have the upper hand in talks on minerals the US wants badly. South Korea votes on its future as it moves beyond constitutional chaos. And Tom Cruise flies high at China’s box office. Listen to the day’s top stories.

Donald Trump may be between a rock and a hard place when it comes to trade talks—especially if that rock represents the rare-earth minerals the US is seeking. For now, China increasingly appears to have an edge in the dispute over chips and rare earths—and Beijing still hasn’t confirmed Xi Jinping will participate in a call that the White House is painting as “likely” for this week. The US confirmed it’s extending the tariff pause on some Chinese goods to Aug. 31. The dollar tumbled to its lowest since 2023 on the latest trade developments.