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Xi may explicitly or implicitly use the threat of limiting rare earth exports to encourage Trump to dial down support for Taiwan or reduce patrols in the South China Sea. If Trump goes along with that, it would be an enormous setback for America in Asia and a big gain for Chinese influence. Our allies would shudder at the thought of diminished American power in the Pacific, and there would be a growing risk of Chinese aggression in the Taiwan Strait.
So don't rush to applaud whatever triumphant announcements you may hear from Trump and his aides about a landmark deal with China. We Americans may have lost not just a trade war but a chunk of our global credibility and influence for years to come, in ways that would be seen globally as a harbinger of American decline.