Rush Doshi

That good had to have a license from China to be sold anywhere else in the world.

There is no US action in export controls that's anything like that.

And if you ask the Chinese, what they'll say is,

This isn't modeled off your export controls, America.

This is modeled off your financial sanctions.

Your dollar is the most important thing for global commerce, and our rare earths are similar.

And just as you say nobody can use your dollars if you say so, we're saying nobody can use our rare earths if we say so.

And that was a very powerful moment, I think, in the relationship.

It changed things.

I think so.

I mean, I think what we saw in this episode in 2025 was that the U.S.

really brought the full pressure it has in the economic space on China.

But for the first time, China was able to use a tool to force open America's market to China's goods.

And that's a game changer.

Well, I think we have to take a step back and ask what it is China wants to accomplish.

China wants to have the world more dependent on China's supply chains.

It wants to be less dependent on the world's.

That's a policy that they call dual circulation in the economic space.

In technology, China wants to win what it calls the fourth industrial revolution.

The idea is here that there's been several, right?