Front Burner Weakened, Trump heads to China
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May 13, 2026 
Jonathan Cheng, Wall Street Journal China bureau chief, offers on-the-ground analysis of U.S.-China ties. He outlines how Xi’s consolidated power and China’s tech and green-energy push shape talks. He discusses trade, rare-earth leverage, and why top CEOs are tagging along. He also considers how the Iran war and personal dynamics between the leaders affect negotiation leverage.
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China Shows Up As A Prepared Rival
- China arrives in talks prepared and no longer a supplicant, having built strength in AI, robotics, space, and military tech.
- Jonathan Cheng says China has spent years fortifying capabilities since 2017, positioning itself as a formidable rival to the U.S.
U.S. Is Juggled By Iran War And Domestic Strain
- The U.S. enters the summit strained by the Iran war, higher inflation, and depleted military assets.
- Jonathan Cheng notes those pressures limit U.S. bandwidth and create political vulnerability that China could exploit.
Trade War Reached A Mutual Deterrent Stalemate
- The tariff standoff has become a stalemate because decisive blows would hurt both economies.
- Cheng says China used rare earths to blunt U.S. tariffs, neutralizing Trump's tariff leverage and forcing quick concessions.