In a retreat humiliating even by Donald Trump's standards, the US president last November withdrew threats of tariffs against China in return for Beijing agreeing a year-long ceasefire on export controls of rare earths and other minerals.

The administration claims it has used the time since to boost its own production of minerals and secure supplies from allies, trying to reduce Beijing's hugely powerful leverage from critical raw materials. That claim is wildly overblown.

Going up against China would require huge financial firepower, guaranteed prices to producers, and a lasting international coalition. Instead, the administration has displayed cronyism, inept coercion, and capricious America-first policy, shattering credibility in anchoring an international mineral agreement.

Despite a flurry of activity totaling $30bn in equity stakes, purchase guarantees, and loans, the US has deployed only coercive one-sided bilateral trade agreements. Deals with Australia show some teeth, but others lack legal and economic credibility, as seen in Indonesia, where threatened tariffs were declared unconstitutional by the Supreme Court.