Trump, Xi speak on trade, agree to ongoing talks

June 05, 2025 (MLN): President Donald Trump and Chinese President Xi Jinping spoke Thursday in a nearly 90-minute call focused “almost entirely” on trade.

The two leaders agreed that officials from the U.S. and China will meet soon to continue talks aimed at resolving the ongoing trade war.

Trump described the call as “very good” and said it “resulted in a very positive conclusion for both Countries” in a post on Truth Social.

He confirmed that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer will represent the U.S. in the renewed trade discussions.

Trade officials from the two countries last met in May in Geneva, where they agreed to temporarily lower retaliatory tariffs on imports.

However, the Trump administration has accused Beijing of slow-walking a Geneva pledge to approve the export of additional critical minerals, known as rare earths, to the United States.

China’s Ministry of Foreign Affairs and its U.S. embassy said Trump requested the call.

The call came amid increasing strain in trade relations, following new U.S. restrictions on Chinese student visas and export restrictions on semiconductors.

Beijing views these measures as punitive, while the U.S. administration cites national security concerns.

Stocks fluctuated Thursday morning on news of the call, which was first reported by Chinese state media.

Trump noted that Russia, Ukraine, and Iran were not discussed during the conversation.

He also said Xi invited him and First Lady Melania Trump to visit China, and that he reciprocated the invitation.

The trade impasse between the two economic superpowers, whose bilateral trade totaled nearly $600 billion in 2024, continues to affect Trump’s broader tariff regime.

This year’s call was only the second one-on-one conversation between Trump and Xi, the first having taken place on January 17.

Ahead of the call, Trump praised Xi on social media but also acknowledged the difficulty of reaching an agreement, writing, “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”

China has been a main target of Trump’s steep tariffs, which aim to recalibrate America’s trade relationships globally, as CNBC reported.

In April, Trump increased tariffs on Chinese imports up to 145%, while temporarily lowering duties on most other countries to 10%.

In retaliation, Beijing raised tariffs on U.S. goods to 125%, effectively creating a trade embargo.

Despite this, the deadlock appeared to shift after May’s Geneva talks, which both sides described as successful and productive.

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