Beijing is capable only of protecting its interests, not projecting power around the globe. Journal Editorial Report: Paul Gigot interviews National Security Analyst Seth Jones. Photo: Kenny Holston/Pool/Reuters When the U.S. failed to secure a quick victory over Iran, some observers said this was America’s “Suez moment.” If so, someone forgot to tell Xi Jinping. The analogy isn’t meant to be a kind one. In historical terms, Suez is a byword for the humiliation of a once-great but declining power.