In the 1960s, British prime minister Harold Wilson quipped that a week was a long time in politics, but in the age of Donald Trump even days matter. The escalating trade war between the US and China suddenly took a turn after both sides agreed to a 90-day truce in mid-May during negotiations in Geneva, reducing tariffs temporarily. In turn, China had agreed to scrap non-tariff countermeasures that it had put in place with respect to curbs on export of critical minerals. The dialling down of tensions had led to jubilation on both sides creating an impression that their ties were on the mend. But, President Trump on May 31 again accused China of breaching the Geneva concord to roll back tariffs and restrictions on critical minerals.

The Washington-Beijing armistice remains shaky. China’s use of export control to constrict the flow of key components in industries that have the potential for mass employment is causing alarm worldwide. Industry groups in the US have complained about slow issuance of licenses by Chinese authorities for export of rare-earth elements. The New York Times reported that Ford Motor temporarily shut a Chicago factory that manufactures........

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