Xi Jinping speaks to Donald Trump on call amid trade tensions running high

Chinese President Xi Jinping on Thursday (June 5) held phone talks with his US counterpart, Donald Trump, according to Chinese state-owned Xinhua News. The report comes as trade tensions between two of the world’s largest economies remain high.

Trade negotiations between the United States and China have reached an impasse, with both nations accusing each other of violating a recent tariff truce they had reached in Geneva.

Per the truce, both countries had agreed to temporarily reduce tariffs— the US lowering tariffs on Chinese goods from 145 per cent to 30 per cent, and China reducing its tariffs on US goods from 125 per cent to 10 per cent— for a 90-day period to facilitate further negotiations.

However, the US has accused China of curbing exports of critical minerals, while the Chinese government has objected to the Trump administration restricting its sale of advanced chips and its access to student visas for college and graduate students.

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Global supply chains disrupted

The stalemate has heightened global economic uncertainty and disrupted markets.

The protracted trade dispute has disrupted global supply chains and affected multinational corporations. For instance, Apple and Alibaba’s joint rollout of AI services in China has been delayed due to regulatory hurdles exacerbated by the trade tensions. Additionally, China’s consideration of a significant aircraft order from Airbus, potentially sidelining US manufacturer Boeing, shows the economic ramifications of the ongoing conflict.

Trump’s view of Xi

Against this backdrop, it is interesting to note that just a day ago, Trump had called China’s Xi Jinping tough and “extremely hard to make a deal with” on Wednesday, exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week.

“I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH,” Trump said in a social media post.

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The contents of the phone conversation are not yet known.

More to come