Trump and Xi Jinping Expected to Speak This Week
The White House has indicated that US President Donald Trump and Chinese President Xi Jinping are expected to engage in a significant phone conversation later this week. This potential dialogue comes as trade tensions between the United States and China intensify, raising global economic concerns.
Renewed Strains in US-China Relations
Relations between the two economic powerhouses have deteriorated, notably after President Trump accused China of breaching a recent trade agreement. This agreement had temporarily eased the imposition of high, reciprocal tariffs, which had previously escalated dramatically between the two countries.
Despite Trump’s repeated claims over several months, no verified contact has occurred between the two leaders since the Republican assumed power five months ago. Previous assertions, including Trump's April comments about receiving a call from Xi, were contradicted by Beijing.
Global Market Reactions and Tariff Disputes
Global stock markets reacted negatively as tensions resumed. Earlier in April, President Trump imposed broad tariffs, heavily impacting China and accusing multiple countries of exploiting the US through trade imbalances.
In response to these trade tensions, officials from both countries agreed to suspend high tariffs for 90 days after negotiations in Geneva. However, US officials, including Commerce Secretary Howard Lutnick, recently accused China of delaying the implementation of this agreement. China rejected these accusations, labeling them "bogus," and criticized the US for enacting discriminatory trade restrictions.
Broader Trade Tensions
In addition to disputes with China, President Trump has heightened trade tensions with other global partners. Notably, he announced plans to double tariffs on steel and aluminum imports to 50 percent starting Wednesday, further impacting relations with the European Union and others.
Key Points:
- US and China leaders likely to speak this week amid renewed trade tensions.
- Recent accusations of China violating tariff reduction agreements.
- Global markets respond negatively to escalation in trade disputes.
- US set to increase tariffs on steel and aluminum imports.
