President Trump initiated a phone call with Chinese President Xi this morning, with the pair speaking for about 90 minutes. The call resulted in a “very positive conclusion for both countries” and plans for a future meeting, according to a new Truth Social post from Trump.
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The conversation came after both sides accused each other of violating a preliminary trade agreement reached last month. Now, it appears that tensions are easing, as both Trump and Xi have agreed to start a new round of trade talks.
U.S.-China to Hold Another Round of Trade Talks
“There should no longer be any questions respecting the complexity of Rare Earth products,” added Trump, referencing a statement from U.S. Trade Representative Jamieson Greer that China was restricting the flow of critical minerals used in semiconductors and cars.
Trump also said that Xi invited him and First Lady Melania Trump to visit China and that he reciprocated the request. Furthermore, the conversation revolved almost entirely around trade, with no mention of the Russia-Ukraine war or nuclear conflicts in Iran.
Both U.S. and China stocks are rising higher on the news, with the S&P 500 (SPX) up by 0.24% and erasing its early morning losses.
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