U.S. President Donald Trump is plunging headfirst into a confrontation not just with China, India, and Vietnam, but with nearly every trading partner on Earth, including remote and sparsely inhabited territories. His sweeping imposition of tariffs on imports has drawn a chorus of criticism and triggered retaliatory moves, most notably from China, with others scrambling to negotiate exemptions before the levies take effect next week.

Beijing, no stranger to defensive posturing, responded on Friday with a tit-for-tat tariff of 34% on U.S. imports, matching the rate set by Washington. But the Chinese government is also signaling it has more weapons at its disposal. It has announced tighter controls on exports of rare earth elements—materials critical for everything from electric vehicles to defense systems—and initiated an antitrust probe into the local operations of U.S. chemical giant DuPont.

China’s decision to let state refiners draw on commercial crude inventories is a sign that Beijing is shifting from precaution to active market management as the Middle East war drags on. The move allows firms such as Sinopec and CNPC to use oil held at refineries and storage sites, while leaving the strategic petroleum reserve untouched.

The practical message is that China wants to smooth refinery operations and protect domestic fuel supply without yet dipping into its most politically sensitive emergency stockpile.

The dynamics of China’s nickel trade are experiencing significant shifts, driven by the country’s increasing reliance on Indonesian nickel intermediates and the emergence of new processing capabilities. China’s traditional role as a net importer of refined nickel has been challenged by…