Restoring shared gain in world trade
A summit on Thursday between President Donald Trump and the leaders of five Central Asian nations 鈥� aimed at striking deals on critical metals for high-tech industries 鈥� could mark a significant advance for the world over the course of a few months.
The meeting at the White House reflects a possible return to a global order in which countries exchange economic opportunities out of a self-desire to help others thrive rather than inflicting a zero-sum approach to international trade.
In early 2025, such exercises in enlightened self-interest were losing ground. Mr. Trump imposed massive tariffs on most nations, most notably China. In return, China restricted exports of critical elements 鈥� known as rare earths 鈥� of which it controls 90% of world production. The two largest economies were reverting to a type of mercantilism from centuries past, trying to weaponize their monopoly-like controls over particular markets or resources.
In late October, they called a truce on this tit for tat. The potential damage for both was seen as too high. In addition, the U.S. Supreme Court appeared on Wednesday to be inclined to end Mr. Trump鈥檚 power to impose tariffs without approval from Congress.
Meanwhile, many countries, including the United States, have sped up their search for alternative sources of rare earth elements to break China鈥檚 dominance in that essential natural resource. Central Asia, it turns out, might be the best alternative, especially in the region鈥檚 largest economy, Kazakhstan. In April, the country reported the discovery of deposits of several rare earth metals that, if verified, would be the world鈥檚 third-largest reserve after those in China and Brazil.
Just ahead of Mr. Trump鈥檚 summit with the presidents of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, U.S. Secretary of State Marco Rubio welcomed the spirit of free-market economics in such a vital resource.
鈥淲e oftentimes spend so much time focused on crisis and problems 鈥� and they deserve attention 鈥� that sometimes we don鈥檛 spend enough time focused on exciting new opportunities,鈥� he told the foreign ministers of the five countries. 鈥淎nd that鈥檚 what exists here now: an exciting new opportunity in which the national interests of our respective countries are aligned.鈥�
The summit is also a recognition that open and fair competition in trade, in which each nation plays to its strongest advantages, helps promote innovation that drives economic growth. Throughout history, conflicts often break out when nations restrict imports or exports, impeding trade. After this White House meeting, the world might feel a bit more at peace.
