Trump: Xi and I had a long talk about it

Trump: Xi and I had a long talk about it

In a significant development, U.S. President Donald Trump and Chinese leader Xi Jinping held a 90-minute phone call on Thursday, their first known conversation since Trump took office in January. The conversation, which focused almost entirely on trade issues, comes amidst renewed tensions over rare earth exports and trade tariffs [1].

Trump described the call as "very good," stating that both leaders agreed to resume talks "shortly, at a location to be determined." The call resulted in a "very positive conclusion" for both countries, according to Trump's post on Truth Social. He also noted that the issue of rare earth exports had been addressed, although details remained unclear [1].

The phone call was initiated by Trump and was followed by a statement from China's official Xinhua News Agency, which urged the U.S. to withdraw "negative measures." Xi told Trump that the U.S. should take a "realistic view of the progress made and withdraw the negative measures imposed on China" [1].

The call comes after a 90-day truce agreed in May to roll back some of the tit-for-tat tariffs. However, tensions escalated in recent weeks due to U.S. accusations that China violated the agreement by slow-walking rare earth exports. China, in turn, cited U.S. export-control rules on AI chips, student visa revocations, and other "discriminatory and restrictive measures" [1].

The Asia-Pacific markets were set to trade mixed on Friday as investors assessed the phone call. While the U.S. and China agreed to de-escalate tensions and continue negotiations, tensions remain high, and more escalations are still on the cards [2].

Top U.S. and Chinese officials are meeting in London on Monday to discuss trade tensions over rare earth minerals and advanced technology. The U.S. delegation is led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, while the Chinese contingent is headed by Vice Premier He Lifeng [3].

The phone call between Trump and Xi indicates a thaw in the U.S.-China trade relationship, with both leaders inviting each other for future visits. However, the ongoing trade war and tensions over rare earth exports and advanced technology continue to pose significant challenges [3].

References:
[1] https://www.capitalbrief.com/briefing/trump-and-xi-hold-first-phone-call-since-january-as-trade-talks-resume-34da5e93-f865-4269-b85b-17c95a88442f/
[2] https://www.nbcconnecticut.com/news/business/money-report/asia-pacific-markets-set-to-open-mixed-as-investors-digest-trump-xi-call/3580889/
[3] https://www.aljazeera.com/news/2025/6/9/us-china-trade-talks-is-a-thaw-on-the-cards-after-trump-xi-call