President Trump and Chinese leader Xi Jinping spoke on Thursday, with tariff and trade talks set to resume next week.
Trump said Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer would meet with Chinese counterparts in London on Monday.
“The meeting should go very well,” he said.
Trump’s call with Xi, which both leaders framed as positive, came after weeks of Trump publicly pushing for the talk. US-China tensions have risen in the aftermath of the countries’ trade truce reached in mid-May in Geneva, with both countries have accused the other of breaching that truce while ratcheting up pressure on other issues.
The US and China are also now using their control over certain key materials to gain control in the trade war. Bloomberg reported on Friday that the US dominates in ethane, a gas used to make plastics, and China buys nearly all of it. Washington is now tightening control by requiring export licenses. China’s curbs on exports of rare earth minerals, crucial for autos and more, have drawn Washington’s ire.
Read more: What Trump’s tariffs mean for the economy and your wallet
The US-China talks come as Trump pushes countries to speed up negotiations. The US sent a letter to partners as a “friendly reminder” that Trump’s self-imposed 90-day pause on sweeping “reciprocal” tariffs is set to expire in early July.
White House advisers have for weeks promised trade deals in the “not-too-distant future,” with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline.
Also effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%
Meanwhile, Trump’s most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them “unlawful.”
Here are the latest updates as the policy reverberates around the world.
LIVE 1111 updates
Sun, June 8, 2025 at 6:24 PM UTC
Could Apple make its smartphones in the US? One company doing so says ‘yes, but…’
A startup that assembles one of its smartphones entirely in the US says it’s possible for a company like Apple to do the same and not incur prohibitive costs, but it’s not easy and would take several years of focused effort, Fortune reports:
Sun, June 8, 2025 at 2:23 PM UTC
The UK’s timeline for a trade deal with the US may be too ambitious, former adviser says
At least one expert in the UK believes Prime Minister Keir Starmer may have unrealistic expectations about a trade deal with President Donald Trump and the US, Bloomberg reports:
Read more here
Sat, June 7, 2025 at 2:42 PM UTC
President Donald Trump has come up short on striking trade deals with most nations with just one month left before his self-imposed tariff deadline, even as he took his first steps in weeks toward engaging with China.
Trump secured a much-desired call with Chinese President Xi Jinping, paving the way for a new round of talks on Monday in London — yet the diplomacy was overshadowed by a blowout public fight between Trump and his billionaire onetime ally, Elon Musk.
Trump’s aides insisted Friday that the president was moving on and focused on his economic agenda. Still, question marks remain over the US’s most consequential trade relationships, with few tangible signs of progress toward interim agreements.
Read more here
Fri, June 6, 2025 at 9:31 PM UTC
Court fight over Trump ending tariff exemption goes forward
Bloomberg reports:
Read more here.
Fri, June 6, 2025 at 7:39 PM UTC
Trump says US, Chinese negotiators will meet Monday in London
President Trump said a new round of trade talks between the US and China would start Monday, a day after he spoke with Chinese leader Xi Jinping.
Trump said Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer would lead talks for the US.
“The meeting should go very well,” Trump predicted.
Bessent led the last round of talks in Geneva, which led to a tariff truce that sent markets soaring. That truce has come under strain in recent weeks over various trade and other thorny issues, including China’s curbs on rare earth mineral exports and US chip curbs.
Fri, June 6, 2025 at 5:16 PM UTC
Musk predicts second-half recession because of Trump’s tariffs
Bet you were wondering how long we could go before mentioning Elon Musk’s feud with President Trump in this blog (lots more on that here, here, and here).
Yes, the remarkable back and forth included Trump threatening Musk’s government contracts — and Musk seeming to agree with a call to impeach Trump, while also throwing in an “Epstein files” mention.
But as Yahoo Finance’s Ben Werschkul details, Musk is now going to war with many of the biggest pillars of Trump’s agenda. There was a tariff mention as part of that.
Specifically, Musk not only criticized the tariffs — he’s now on record saying he thinks they will cause a recession this year.
As Ben writes:
Read more here.
Fri, June 6, 2025 at 2:33 PM UTC
India-US trade talks reportedly extended as deal deadline looms
Trade talks between the US and India were set to wrap up this Friday, but now they are being extended into next week as officials on both sides aim to work out an interim deal before a July 9 deadline.
Indian government sources said the discussions, which have focused on tariff cuts in the farming and auto sectors, will continue next Monday and Tuesday. President Trump and Indian Prime Minister Narendra Modi are looking to double trade by 2030 and cement a trade pact by fall 2025.
Reuters reports:
Read more here.
Fri, June 6, 2025 at 2:00 PM UTC
US, Chinese officials exchange barbs at Shanghai event over trade
US and Chinese officials exchanged jabs at an event held by the American Chamber of Commerce (AmCham) in Shanghai on Friday, as the chamber appealed for more clarity for American businesses operating in China.
Reuters reports:
Read more here.
Fri, June 6, 2025 at 1:40 PM UTC
Tata Steel warns over $180M of exports at risk under UK-US trade pact
India’s Tata Steel has warned that it might be excluded from tariff-free access to the US under the UK’s trade agreement with the Trump administration. This exclusion risks putting more than $180M worth of annual exports at risk.
The FT reports:
Read more here.
Fri, June 6, 2025 at 1:07 PM UTC
European industry contracts as tariffs pull exports lower
Two of the largest economies in the euro zone saw industrial production decline in the first month of President Trump’s sweeping tariffs, indicating a economic slowdown after a stronger-than-expected year, according to a report in the Wall Street Journal on Friday.
Wall Street Journal:
Read more here.
Fri, June 6, 2025 at 11:46 AM UTC
EU open to lowering tariffs on US fertilisers in trade talks
The EU said on Friday that it is open to reducing tariffs on US fertiliser imports as a trade bargaining tool in talks with the Trump administration. However, the EU said it would not weaken its food safety standards in pursuit of a deal.
EU agriculture commissioner Christophe Hansen told Reuters: “That is definitely an option,” Hansen said, of reducing US fertiliser tariffs.
Reuters reports:
Read more here.
Fri, June 6, 2025 at 11:38 AM UTC
Carmakers use stealth price hikes to cope with Trump’s tariffs
If car buyers think they will be able to beat President Trump’s tariffs, they should think again. The trade war has already led to an increase in US auto prices and some of these hikes are invisible to consumers.
Bloomberg News reports:
Read more here.
Fri, June 6, 2025 at 10:41 AM UTC
US firms in China will stay put despite tariffs: Survey
According to a survey conducted by the American Chamber of Commerce in China, most US firms with operations in china are not budging. The survey revealed that some US don’t want to leave the country and in fact would ramp up production in China, despite the the challenges posed by tariffs.
Bloomberg News reports:
Read more here.
Fri, June 6, 2025 at 10:33 AM UTC
Xi bets Trump detente will lead to future wins on chips, tariffs
We know what President Trump wants in trade discussions with China. But what does China’s Xi Jinping want?
Bloomberg News reports
Read more here.
Fri, June 6, 2025 at 10:25 AM UTC
US targets niche gas that China can’t replace as trade war chip
Both the US and China are using their control over key materials in a deepening trade war standoff.
On Friday, Bloomberg reported that Washington is restricting ethane shipments, a gas China heavily relies on for plastics production. This follows Washingtons block on chip exports to China.
“Ethane is no longer just a byproduct of shale — it’s now a geopolitical weapon,” said Julian Renton, lead analyst covering natural gas liquids at East Daley Analytics. “China bet billions building infrastructure around US ethane, and Washington is now questioning whether that bet should continue to pay off.”
But the US is not the only one weaponising their grip on vital materials. China has tightened control on rare earths, a crucial element used for technology products.
However, on Thursday President Trump got a commitment from China to restore flow of rare earth magnets.
These moves by the US and China marks a shift toward using strategic resources as leverage.
Thu, June 5, 2025 at 3:06 PM UTC
Trump confirms ‘very good’ call with Xi, says top officials will meet soon for continued trade talks
President Trump confirmed his call with Chinese leader Xi Jinping on Truth Social, saying the call lasted one and half hours and “resulted in a very positive conclusion for both Countries.”
“I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal,” President Trump said.
Trump added that the call focused on trade, including rare earth minerals, and that the two leaders did not discuss the Russia-Ukraine war or Iran.
Notably, Trump outlined that he and Xi agreed on next steps for trade talks, which will take place “shortly.”
Trump is sending Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer to meet with Chinese officials. Trump also said he and the first lady had been invited to visit China and that he extended the same invitation to President Xi.
Read more here.
Thu, June 5, 2025 at 3:00 PM UTC
US trade deficit narrows sharply in April; imports post record drop
The US trade deficit shrank in April as imports fell sharply, mainly due to President Trump’s tariffs and companies who had previously raced to beat high import costs, no longer rushing in goods ahead of new levies.
Reuters reports:
Read more here.
Thu, June 5, 2025 at 1:23 PM UTC
Trump, Xi speak on phone call
Chinese state media reported Thursday morning that President Trump and Chinese President Xi Jinping had a phone call at Trump’s request.
Anticipation had been building as to when the two leaders would speak, as trade tensions between the US and China reignited after Trump and Chinese officials each stated the other had broken their informal Geneva agreement.
Trump had publicly pushed for a phone call, which press secretary Karoline Leavitt hinted would come this week. The call appears to mark the first talk between the two leaders during Trump’s second term in office.
Thu, June 5, 2025 at 12:11 PM UTC
India, US push to finalize interim tariff deal as Trump’s deadline nears
Indian and US officials are holding high-level talks this week in New Delhi to hammer out a finalized trade deal that could be announced this month, two government sources told Reuters.
Reuters reports:
Read more here.
Thu, June 5, 2025 at 11:55 AM UTC
US plans wider China tech curbs targeting subsidiaries
The tit-for-tat game between the US and China continues. A Bloomberg report on Thursday said that the Trump administration plans to broaden restrictions on China’s tech sector with new regulations to include subsidiaries of companies under US curbs.
This follows China’s curbs on rare earths which have led to the US, the EU, Japan and global car companies sounding the alarm on supply chain issues.
The Geneva tariff talks between the US and China were meant to help prevent trade tensions between the two nations and put a stop to escalating tariffs. However, it seems both sides are unwilling to back down.
Bloomberg News reports:
Read more here.
