Given the PRC’s economic relations with Iran, Trump is clearly threatening “TREMENDOUS Economic Consequences” for China. But can he really follow through on this threat, or will Xi just respond with two words: “rare earths”? Treasury Secretary Bessent said this on CNBC today about possible actions against China: we are confident that everyone wants the strait reopened and for energy prices to come back down. And, Sara, keep in mind that the Chinese get 50 percent, 5-0, of their energy from inside, from the Gulf. So it would do them a big service to get with the program And then later Thursday Bessent tweeted “any remaining tie to Tehran will hasten a nation’s economic oblivion, whether that tie be purposefully constructed or willfully ignored.” I am skeptical the Trump Administration will do anything meaningful that risks slowing the trickle or rare earths, or Xi postponing his visit to DC next month.