Rush Doshi

It's definitely present in most ecosystems on Earth now, unfortunately.

We're only sort of really starting to scratch the surface into understanding the potential consequences of that.

Thank you.

Great to be here.

There are moments, quite frankly, in world history where you feel the tectonic plates shifting beneath you.

You know, what happened in 2025 was President Trump took tariffs on China to over 140%.

I mean, we'd never done that before.

And that pushed China into a corner.

And President Xi had no choice but to reach for his break glass tool.

And that was his control over China.

over the rare earth minerals and magnets upon which pretty much all global manufacturing depends and which basically only come from China.

And so that was a real powerful choke point.

And when he reached for that tool, President Trump basically folded.

He'd heard from auto companies that they were concerned that their production was going to shut down if they couldn't get these minerals.

Others made similar representations to the White House.

And so he said, all right, let me take the tariffs down by about 100 points and even below that.

And after he did that, he also basically pursued a detente with China.

The idea was we don't want to rock the boat too much with China.

They've got this enormous capability.

Let's avoid too many competitive actions that the Chinese won't like.