President Donald Trump held a cellphone name Thursday with Chinese language President Xi Jinping, Beijing mentioned.

The decision was initiated by Trump, based on Beijing’s Ministry of Overseas Affairs and China’s embassy within the US.

The White Home didn’t instantly reply to CNBC’s request for touch upon the report.

Shares opened greater Thursday morning, as buyers hoped that the Trump-Xi name would break the present stalemate within the two international locations’ commerce talks. The beneficial properties rapidly fizzled, nonetheless, as merchants awaited particulars from that decision.

The deadlock between the 2 financial superpowers — whose commerce relationship totaled almost $600 billion in 2024 — is weighing on Trump’s broader tariff regime, which is already having a real-world influence.

Trump has reportedly been keen to talk with Xi, as strained commerce relations between the 2 international locations frayed additional previously week.

Whereas Washington and Beijing briefly lowered tariffs on one another’s items following constructive talks in Switzerland final month, that tentative settlement has since come underneath menace.

The Trump administration has publicly accused Beijing of slow-walking its pledge to approve the export of extra vital minerals, a results of the negotiations in Geneva.

China, in the meantime, has expressed deep frustration with a latest resolution to impose new restrictions on Chinese language scholar visas. It has additionally accused the Trump administration of undermining latest commerce progress by issuing an trade warning in opposition to utilizing Chinese language semiconductors.

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The Trump administration has additionally imposed further export restrictions on chips. The White Home claims the actions are required to guard nationwide safety, however Beijing views them as punitive.

Thursday’s dialog was solely the second time this 12 months that the 2 leaders have held a one-on-one name. Trump and Xi beforehand spoke on Jan. 17, previous to the U.S. president’s inauguration.

Forward of the newest name, Trump praised Xi in a social media publish that additionally betrayed his frustration.

“I like President XI of China, at all times have, and at all times will, however he’s VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Trump wrote early Wednesday morning.

China has been a chief goal of Trump’s efforts to wield steep, unilateral tariffs for the said purpose of recalibrating America’s commerce relationships with the remainder of the world.

Trump had ratcheted blanket tariffs on Chinese language imports as much as 145% in April, whilst he briefly lowered duties on most different international locations to 10%. Beijing hiked tariffs on U.S. items to 125% in retaliation.

The tariffs successfully led to a commerce embargo. However that logjam appeared to shift in mid-Might, after talks in Geneva that either side described as profitable and productive.

That is breaking information. Please refresh for updates.

— CNBC’s Evelyn Cheng and Christina Wilkie contributed to this report.