Trump, Xi Hold Phone Call Amid Ongoing US-China Tariff Dispute

President Donald Trump and Chinese President Xi Jinping held a phone call initiated at Trump's request, marking their first discussion since the implementation of new U.S. tariffs known as the “Liberation Day” tariffs. Despite the call, tensions remain high as Trump described Xi as "very tough" and "extremely hard to make a deal with" amid accusations that China backtracked on a trade agreement aimed at easing tariffs. The conversation, reported by China's official Xinhua news agency and other sources, did not disclose specific details but signaled ongoing diplomatic communication between the two leaders during a period of escalating trade conflict. The call sparked renewed investor optimism, with Wall Street futures climbing as markets awaited the U.S. monthly jobs report and the upcoming Federal Reserve policy meeting. However, concerns over the impact of Trump's trade policies on economic growth persist, highlighted by rising jobless claims and mixed stock performances. This dialogue underscores the complex and tense economic relationship between the United States and China under Trump's administration.