Zanny Minton-Beddoes

It is going to put pressure on consumers.

in an ongoing way.

And actually, if you look at some sectors of the economy, it's already hitting very hard.

I mean, I'm sure you've been following what's happening to American farmers.

It's really tough if you're in the farming industry now.

And so you're seeing parts of the

You're right.

It is hard to keep track.

But

China is a really interesting case.

And it's, to me, an interesting case of a country that has stood up to President Trump and actually prevailed.

Because if you look at what happened in April, there was a mini war of tariff threats between President Xi and President Trump.

I can't even remember what it went up to, but they threatened retaliatory tariffs and counter-threatened.

And at one point, it looked like they were both going to be well over 100%.

But then, ineffectively, President Trump

chickened out and a deal was struck.

And I think it shows that President Xi and China realized that actually

the US couldn't afford to put the kind of tariffs on China that it wanted to because it just would have hurt consumers too much.

And now if you fast forward to what's happening now, it's now China that is playing hardball with the United States.

Just a few days ago, the Chinese laid out a new set of export controls and licensing requirements on rare earths, which are these kinds of