Leaders Donald Trump and Xi Jinping engaged in a phone conversation.
Headline: Trump and Xi's Phone Chat: A Potential Turn in the Trade War?
Let's dig into the latest update on the ongoing trade feud between the U.S. and China. After months of silence, a phone call between President Donald Trump and President Xi Jinping reportedly took place - their first conversation since Trump took office in January.
According to state-run Chinese news agency Xinhua, the phone call was initiated by Trump himself. Despite the long stretch without a conversation, they spoke just days before Trump's inauguration but have been MIA since then, publically speaking.
On his Truth Social platform, Trump shared his thoughts, admitting the complexity of striking a "deal" with Xi but calling the call "very good" and lasting a solid 90 minutes. Topics discussed were primarily focused on the trade dispute between the two nations, with no mention of the war in Ukraine or other global hotspots.
In a Truth Social post, Trump hinted at a positive outcome, stating, "There should be no more questions about the complexity of rare earth products. Our respective teams will meet soon at a yet-to-be-determined location." Trump immediatley appointed Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer to the U.S. delegation.
Trump also extended an invitation, in a press conference at the White House, for himself and the First Lady to visit China, a sentiment reciprocated by Xi.
The trade tension between the two economic powerhouses has been escalating since Trump took a hardline stance, pushing for a more competitive trade policy against China. What started as a minor dispute escalated to tariffs reaching dizzying heights of 145%, to which Beijing responded with counter-tariffs.
However, an hour before the Chinese media announcement, the Chinese Foreign Ministry expressed concerns, stating, "We urge the U.S. to uphold the principle of fair competition, stop politicizing trade issues, and create a fair, just, and non-discriminatory environment for Chinese and other foreign companies."
In recent news, though, an agreement has been reached: a 90-day mechanism for bilateral talks on trade and economic matters was established, an encouraging move towards a potential resolution.
Keywords: China, USA, Trade disputes, Trade relations, Donald Trump, Xi Jinping, Tariffs
(Insights: Following their phone call, the U.S. and China agreed to substantially reduce tariffs by 115%, leaving only a base rate of 10% in place for certain tariffs. The agreement also includes the removal of non-tariff countermeasures.)
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