# Trump & Xi - Managing the Mirage: Ann E. Kowalewski

An episode of [NatSec Matters](https://invisiblenetwork.ai/podcast/1711240452), 30 Sep 2026, 45 min.

Audio: https://traffic.libsyn.com/secure/6ef5eecd-b84d-413c-9ce6-9db304c42390/Episode_164_-_Ann_Kowalewski_mixdown.mp3?dest-id=4161986

Michael is joined by Ann E. Kowalewski, Vice President at Beacon Global Strategies and Senior Fellow at the Institute for Indo-Pacific Security, to discuss the outcomes and regional fallout of the latest summit between President Donald Trump and People's Republic of China (PRC) Leader Xi Jinping. Ann breaks down the core dynamic she describes as "spectacle and small potatoes"—where both leaders project an image of managed bilateral stability while quietly executing competitive economic hardening behind the scenes. She also explores how Beijing prepared for a second Trump term by sharpening its economic retaliation playbook—from critical mineral export controls to the "unreliable entity" list—and examines why symbolic fentanyl tariffs and reciprocal trade frameworks have not addressed deep-seated industrial subsidies. Ann analyzes why slow-walking Taiwan arms sale packages and softening rhetoric on China weaken deterrence across the Taiwan Strait, the strategic calculations driving Beijing's timeline, and why the burgeoning "Axis of Upheaval"—linking China, Russia, Iran, and North Korea—demands a fundamental rethink of Western sanctions enforcement and economic statecraft.

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