US President Donald Trump reported a “very positive outcome” from his phone conversation with Chinese leader Xi Jinping. According to Trump, the discussion primarily focused on the details of the recently concluded trade agreement between the two countries.
This is reported by Kyiv24
Details of the Negotiations and Plans for Meetings
Donald Trump emphasized that the conversation lasted about an hour and a half and yielded positive results for both sides. He noted that after this conversation, “there should no longer be any questions regarding the complexity of rare earth products.” The US president also announced a forthcoming meeting between American and Chinese delegations. The American side will be represented by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative, Ambassador Jamison Greer.
“I just finished a very good phone conversation with Chinese leader Xi, discussing some nuances of our recently concluded and agreed-upon trade agreement. The conversation lasted about an hour and a half and ended with a very positive outcome for both countries. There should no longer be any questions regarding the complexity of rare earth products.”
Trump also mentioned that both sides exchanged invitations to visit each other for official visits.
Changes in Tariff Policy and Market Reactions
As Trump emphasized, issues related to Russia, Ukraine, or Iran were not discussed during the conversation. The talks between the leaders took place at the request of the American side. Experts note that this dialogue could help reset trade relations, which have recently been characterized by significant tension.
In May, China and the US agreed to implement a 90-day moratorium on increasing import tariffs that had been planned by both countries earlier. Under the new agreements, both sides agreed to reduce mutual tariffs to 115%: for the US, from 145% to 30%, and for China, from 125% to 10%. The White House noted that the governments of both countries recognize the “importance of bilateral economic and trade relations” and decided to lower tariffs starting May 14.
The announcement of the agreements reached had a positive impact on financial markets – quotes went up.
In April of this year, Donald Trump announced the imposition of trade tariffs on goods from most countries around the world, but later suspended these tariffs, leaving the base rate at 10%. An exception was made only for China, for which tariffs were increased. In response, China also raised its import tariffs.
The US administration explained these actions by the trade imbalance with China, as well as concerns regarding the export of the synthetic drug fentanyl and “disrespect for global markets,” which, according to Washington, Beijing demonstrates. Chinese authorities stated that they do not plan to concede and will defend their national interests.