President Trump held a phone call with Chinese President Xi Jinping on Thursday morning, according to Chinese state media outlet Xinhua. The statement was confirmed by China’s Ministry of Foreign Affairs (MFA), which added that Trump initiated the call.
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Trump Speaks with Xi amid Rising Tensions
While the details of the conversation are still unclear, tensions have risen between the two countries during the past few days. Last week, Trump accused China of violating the preliminary U.S.-China trade deal signed in Geneva. The violations include failing to remove tariff countermeasures, such as restricting the flow of critical minerals used in semiconductors and cars.
Yesterday, Trump said on Truth Social that Xi was “VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”
In response, China’s MFA spokesperson Lin Jian said that China has respected the deal while the U.S. “falsely accuses and smears China” and has enacted suppression measures, such as new chip export controls and plans to revoke the visas of Chinese students in the U.S.
The S&P 500 (SPX) received a premarket boost from the news but has since given up those gains.
