In a week marked by high-stakes maneuvering on the global economic and geopolitical stage, governments and corporations alike have scrambled to shore up their positions amid shifting trade policies, supply chain threats, and strategic resource anxieties. From Washington to New Delhi and Beijing to London, a flurry of developments has illuminated the world’s increasingly complex interdependence—and the lengths to which nations are willing to go to secure their futures.
One of the most significant announcements came out of India, where Rajesh Kumar Singh, a senior official in the Ministry of Defence, revealed for the first time that the country is planning to set up a strategic reserve of critical minerals and metals. As reported by The Economic Times, Singh explained at a media event in New Delhi on Saturday, September 20, 2025, that the reserve would be used to “tide over immediate requirement” if and when disruptions strike. The move, he said, is driven by the realization that shortages of these materials could have a crippling effect on India’s defense preparedness, given their essential role in manufacturing missiles, aircraft, radars, and warships.
This announcement comes on the heels of a dramatic collapse in rare earth exports from China earlier this year. Starting in April, Beijing imposed export controls on certain rare earth elements—particularly rare earth magnets, a market in which China commands a staggering 90% of global output. The ripple effects were immediate and severe, disrupting industries ranging from electric vehicles to wind turbines and sending Western companies scrambling to find alternative suppliers. Although China has since eased some of these restrictions, the episode has left a lasting impression, prompting countries like India to rethink their strategic vulnerabilities.
Meanwhile, the United States found itself at the epicenter of several major trade and policy developments. On Saturday, September 20, 2025, the CEO of Swiss pharmaceutical giant Novartis, Vas Narasimhan, assured Neue Zuercher Zeitung that his company is prepared for any potential tariffs imposed by President Trump, thanks to “significantly increased” stockpiles in the US. “They will certainly last until mid-2026,” Narasimhan stated, underscoring the company’s confidence in weathering trade headwinds. This comes despite the fact that pharmaceuticals are exempt from the 39% tariffs Trump slapped on Switzerland in August. However, a separate EU trade deal reached in July introduced a 15% tariff on most drugs, with some generics spared.
The pharmaceutical sector wasn’t the only industry bracing for impact. British drugmaker GSK announced on Wednesday, September 17, its intention to invest a whopping $30 billion in US research and development. According to Bloomberg, this represents the largest US expansion by a European pharmaceutical company in the current climate, as President Trump continues to threaten import tariffs and push for more domestic manufacturing.
Trade tensions were also front and center in US-China relations. Following a pivotal phone call between President Trump and China’s President Xi Jinping on Friday, September 19, Trump declared on social media that a long-awaited agreement to spin off the TikTok app in the US had finally been reached. The two leaders are now slated to hold a series of high-level meetings, starting with the Asia-Pacific Economic Cooperation (APEC) summit in South Korea from October 30 to November 1. Trump indicated that Xi would reciprocate with a US visit “at an appropriate time,” as reported by Yahoo Finance’s Ben Werschkul.
The TikTok breakthrough coincided with another notable development: China’s decision to drop a months-long antitrust probe into Google. While details remain scarce, the timing suggests that the move may be linked to ongoing negotiations over TikTok’s future. At the same time, Beijing has ramped up pressure on domestic firms to prioritize purchases of Nvidia chips, signaling that the tech rivalry between the world’s two largest economies is far from over.
US Treasury Secretary Scott Bessent, who led American negotiators in talks with Chinese officials in Spain this week, sounded an optimistic note about the prospects for a broader trade agreement. Speaking to reporters on September 20, Bessent said he is “confident a trade deal with China is near,” even as reciprocal tariffs are set to take effect in November. “We expect further talks to happen before then,” he added, hinting at a possible resolution to the months-long standoff.
Yet, not all negotiations are moving forward. The United Kingdom, for instance, has shelved plans to discuss the removal of British steel tariffs with the US, meaning current duties will remain in place for the foreseeable future. This decision, reported by Bloomberg, highlights the ongoing challenges facing transatlantic trade relations, even as other sectors seek to deepen their ties.
Back in Washington, the fate of President Trump’s sweeping “reciprocal” country-specific tariffs hangs in the balance. The Supreme Court is currently reviewing a high-stakes legal challenge to these measures, which were imposed under the authority of the 1977 International Emergency Economic Powers Act (IEEPA). With oral arguments scheduled for early November, the case is on a fast track to resolution—potentially setting the stage for a major shift in US trade policy before year’s end.
Amid all these developments, the underlying theme is clear: the world’s major economies are scrambling to adapt to a landscape defined by uncertainty, competition, and the ever-present specter of supply chain disruption. Whether it’s India building up reserves of critical minerals, pharmaceutical giants hedging against tariffs, or superpowers jockeying for technological dominance, the stakes have rarely been higher.
The recent rare earth crisis, in particular, has served as a wake-up call for policymakers across the globe. With China’s near-monopoly on rare earth magnets exposed as a potential geopolitical weapon, countries are now racing to secure alternative supplies and build strategic stockpiles. As Rajesh Kumar Singh put it, the goal is to ensure that “immediate requirements” can be met in times of crisis—a sentiment echoed by leaders from Washington to Brussels.
At the same time, the intersection of trade, technology, and national security continues to generate friction—and opportunity. The TikTok deal, for example, may signal a thaw in US-China relations, but it also underscores the complexities of disentangling global tech platforms from the broader currents of international rivalry. Similarly, the ongoing legal battle over Trump’s tariffs could have far-reaching implications for the future of American economic policy.
With so many moving parts, it’s anyone’s guess how these stories will unfold in the months ahead. What’s certain, though, is that the world’s major players are taking nothing for granted—and are willing to invest, negotiate, and litigate to protect their interests in an increasingly volatile environment.
As the dust settles from this week’s flurry of announcements, one thing is clear: the global chessboard has rarely been more crowded, or the stakes more consequential.