Trump flew to Beijing with a planeload of CEOs to beg China for economic help, which is bad news for the US and a strong hand for China.

• Tesla and Nvidia are losing the China market fast, with Chinese rivals like BYD, Xiaomi, and Huawei taking over.
• The US military depends on Chinese rare earths to build weapons for the Iran war, and a January 2027 ban deadline is unrealistic.
• US farmers need China to buy more soybeans, but Brazil has quietly taken 74% of that market.
• China has stopped recycling money into US bonds, and Japanese investors are now dumping US debt too because inflation is out of control.
• The last 30-year Treasury auction had to sell at over 5% yield for the first time since 2007.

Outlook: Trump has weak leverage with the Iran war dragging on, so China is likely to extract big concessions or simply wait the US out.