Trump says U.S.-China trade talks back on after call with Xi
U.S. President Donald Trump said Thursday that his first call with Chinese leader Xi Jinping since returning to office was 'very positive,' announcing that the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals.
'Our respective teams will be meeting shortly at a location to be determined,' Trump wrote on his social media platform after the call, which he said lasted an hour and a half.
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will represent the U.S. side in negotiations.
The Republican president, who returned to the White House for a second term in January, also said Xi 'graciously' invited him and first lady Melania Trump to China, and Trump reciprocated with his own invitation for Xi to visit the United States.
Story continues below advertisement
The Chinese foreign ministry said Trump initiated the call between the leaders of the world's two biggest economies.
The ministry said in a statement that Xi asked Trump to 'remove the negative measures' that the U.S. has taken against China. It also said that Trump said 'the U.S. loves to have Chinese students coming to study in America,' although his administration has vowed to revoke some of their visas.
2:57
Implications of the U.S.-China trade agreement for the Canadian economy
Comparing the bilateral relationship to a ship, Xi told Trump that the two sides need to 'take the helm and set the right course' and to 'steer clear of the various disturbances and disruptions,' according to the ministry statement.
Get breaking National news
For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy
Trump had declared one day earlier that it was difficult to reach a deal with Xi.
'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 posted Wednesday on his social media site.
Story continues below advertisement
Trade negotiations between the United States and China stalled shortly after a May 12 agreement between the two countries to reduce their tariff rates while talks played out. Behind the gridlock has been the continued competition for an economic edge.
The U.S. accuses China of not exporting critical minerals, and the Chinese government objects to America restricting its sale of advanced chips and its access to student visas for college and graduate students.
2:20
U.S. and China reach 90-day trade truce, Trump announces
Trump has lowered his 145% tariffs on Chinese goods to 30% for 90 days to allow for talks. China also reduced its taxes on U.S. goods from 125% to 10%. The back and forth has caused sharp swings in global markets and threatens to hamper trade between the two countries.
Treasury Secretary Scott Bessent had suggested that only a conversation between Trump and Xi could resolve these differences so that talks could restart in earnest. The underlying tension between the two countries may still persist, though.
Story continues below advertisement
During the call, Xi said the Chinese side is sincere about negotiating and 'at the same time has its principles,' and the Chinese president said 'the Chinese always honor and deliver what has been promised,' according to the Chinese foreign ministry.
Even if negotiations resume, Trump wants to lessen America's reliance on Chinese factories and reindustrialize the U.S., whereas China wants the ability to continue its push into technologies such as electric vehicles and artificial intelligence that could be crucial to securing its economic future.
The United States ran a trade imbalance of $295 billion with China in 2024, according to the Census Bureau. While the Chinese government's focus on manufacturing has turned it into a major economic and geopolitical power, China has been muddling through a slowing economy after a real estate crisis and coronavirus pandemic lockdowns weakened consumer spending.
Trump and Xi last spoke in January, three days before Inauguration Day. The pair discussed trade then, as well as Trump's demands that China do more to prevent the synthetic opioid fentanyl from entering the United States.
Despite long expressing optimism about the prospects for a major deal, Trump became more pessimistic recently.
'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted last week. 'So much for being Mr. NICE GUY!'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
an hour ago
- CTV News
Vance says Musk making a ‘huge mistake' in going after Trump but also tries to downplay the attacks
Elon Musk carries his son X Æ A-Xii as they arrives on Air Force One with President Donald Trump, left, at Miami International Airport, April 12, 2025, in Miami, Fla. (AP Photo/Manuel Balce Ceneta, File) BRIDGEWATER, N.J. — Vice President JD Vance said Elon Musk was making a 'huge mistake' going after U.S. President Donald Trump in a storm of bitter and inflammatory social media posts after a falling out between the two men. But the vice president, in an interview released Friday after the very public blow up between the world's richest man and arguably the world's most powerful, also tried to downplay Musk's blistering attacks as an 'emotional guy' who got frustrated. 'I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear,' Vance said. Vance's comments come as other Republicans in recent days have urged the two men, who months ago were close allies spending significant time together, to mend fences. Musk's torrent of social media posts attacking Trump came as the president portrayed him as disgruntled and 'CRAZY' and threatened to cut the government contracts held by his businesses. Musk, who runs electric vehicle maker Tesla, internet company Starlink and rocket company SpaceX, lambasted Trump's centerpiece tax cuts and spending bill but also suggested Trump should be impeached and claimed without evidence that the government was concealing information about the president's association with infamous pedophile Jeffrey Epstein. 'Look, it happens to everybody,' Vance said in the interview. 'I've flown off the handle way worse than Elon Musk did in the last 24 hours.' Vance made the comments in an interview with ' manosphere' comedian Theo Von, who last month joked about snorting drugs off a mixed-race baby and the sexuality of men in the U.S. Navy when he opened for Trump at a military base in Qatar. The vice president told Von that as Musk for days was calling on social media for Congress to kill Trump's 'Big Beautiful Bill,' the president was 'getting a little frustrated, feeling like some of the criticisms were unfair coming from Elon, but I think has been very restrained because the president doesn't think that he needs to be in a blood feud with Elon Musk.' 'I actually think if Elon chilled out a little bit, everything would be fine,' he added. Musk appeared by Saturday morning to have deleted his posts about Epstein. The interview was taped Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Von showed the vice president Musk's claim that Trump's administration hasn't released all the records related to sex abuser Jeffrey Epstein because Trump is mentioned in them. Vance responded to that, saying, 'Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein.' 'This stuff is just not helpful,' Vance said in response to another post shared by Musk calling for Trump to be impeached and replaced with Vance. 'It's totally insane. The president is doing a good job.' Vance called Musk an 'incredible entrepreneur,' and said that Musk's Department of Government Efficiency, which sought to cut government spending and laid off or pushed out thousands of workers, was 'really good.' The vice president also defended the bill that has drawn Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Trump's first term. The bill would slash spending but also leave some 10.9 million more people without health insurance and spike deficits by $2.4 trillion over the decade, according to the nonpartisan Congressional Budget Office. Musk has warned that the bill will increase the federal deficit and called it a 'disgusting abomination.' 'It's a good bill,' Vance said. 'It's not a perfect bill.' He also said it was ridiculous for some House Republicans who voted for the bill but later found parts objectional to claim they hadn't had time to read it. Vance said the text had been available for weeks and said, 'the idea that people haven't had an opportunity to actually read it is ridiculous.' Elsewhere in the interview, Vance laughed as Von cracked jokes about famed abolitionist Frederick Douglass' sexuality. 'We're gonna talk to the Smithsonian about putting up an exhibit on that,' Vance joked. 'And Theo Von, you can be the narrator for this new understanding of the history of Frederick Douglass.' The podcaster also asked the vice president if he 'got high' on election night to celebrate Trump's victory. Vance laughed and joked that he wouldn't admit it if he did. 'I did not get high,' he then said. 'I did have a fair amount to drink that night.' The interview was taped in Nashville at a restaurant owned by musician Kid Rock, a Trump ally. Article by Michelle L. Price.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Yemen's al-Qaida branch leader threatens Trump, Musk and others
DUBAI, United Arab Emirates (AP) — The leader of al-Qaida's Yemen branch has threatened both U.S. President Donald Trump and billionaire Elon Musk over the Israel-Hamas war in the Gaza Strip in his first video message since taking over the group last year. The half-hour video message by Saad bin Atef al-Awlaki, which spread online early Saturday via supporters of al-Qaida in the Arabian Peninsula, also included calls for lone-wolf militants to assassinate leaders in Egypt, Jordan and the Gulf Arab states over the war, which has decimated Gaza. The video of al-Awlaki's speech showed images of Trump and Musk, as well as U.S. Vice President JD Vance, Secretary of State Marco Rubio and Secretary of State Pete Hegseth. It also included images of logos of Musk's businesses, including the electric carmaker Tesla. 'There are no red lines after what happened and is happening to our people in Gaza,' al-Awlaki said. 'Reciprocity is legitimate.' Yemen's al-Qaida branch long thought to be most dangerous Though believed to be weakened in recent years due to infighting and suspected U.S. drone strikes killing its leaders, the group known by the acronym AQAP had been considered the most dangerous branch of al-Qaida still operating after the 2011 killing by U.S. Navy SEALs of founder Osama bin Laden, who masterminded the Sept. 11, 2001, attacks. In 2022, a U.S. drone strike in Afghanistan killed bin Laden's successor, Ayman al-Zawahri, who also helped plot 9/11. The Sept. 11 attacks then began decades of war by the U.S. in Afghanistan and Iraq, and fomented the rise of the Islamic State group. Al-Awlaki already has a $6 million U.S. bounty on his head, as Washington says al-Awlaki 'has publicly called for attacks against the United States and its allies.' He replaced AQAP leader Khalid al-Batarfi, whose death was announced by the group in 2024. Israel-Hamas war a focus of the Houthis as well AQAP seizing onto the Israel-Hamas war follows the efforts of Yemen's Houthi rebels to do the same. The Iranian-backed group has launched missile attacks on Israel and targeted commercial vessels moving through the Red Sea corridor, as well as American warships. The U.S. Navy has described their campaign against the Houthis as the most intense combat it has faced since World War II. Sundays Kevin Rollason's Sunday newsletter honouring and remembering lives well-lived in Manitoba. The Trump administration also launched its own intense campaign of strikes on the Houthis, which only ended before the president's recent trip to the Middle East. The Houthis' international profile rose as the group remains mired in Yemen's long-stalemated war. Al-Awlaki may be betting on the same for his group, which U.N. experts have estimated has between 3,000 and 4,000 active fighters and passive members. The group raises money by robbing banks and money exchange shops, as well as smuggling weapons, counterfeiting currencies and ransom operations, according to the U.N. The Shiite Zaydi Houthis have previously denied working with AQAP, a Sunni extremist group. However, AQAP targeting of the Houthis has dropped in recent years, while the militants keep attacking Saudi-led coalition forces who have battled the Houthis. 'As the Houthis gain popularity as leaders of the 'Arab and Muslim world's resistance' against Israel, al-Awlaki seeks to challenge their dominance by presenting himself as equally concerned about the situation in Gaza,' said Mohammed al-Basha, a Yemen expert of the Basha Report risk advisory firm. 'For a national security and foreign policy community increasingly disengaged from Yemen, this video is a clear reminder: Yemen still matters.'
Globe and Mail
2 hours ago
- Globe and Mail
Best Stock to Buy: Macy's vs. Dick's Sporting Goods
Retail is a confusing segment right now, with the price of goods impacted via increases in tariffs causing a tougher situation for not only consumers, but also sellers and producers. Let's take a look at two major retailers, Macy's (NYSE: M) and Dick's Sporting Goods (NYSE: DKS). In all, I think one of these two retail titans is showing more signs of life, whereas the other is being forced to shrink to improve its bottom line. Macy's Macy's saw an uptick in the few years following the COVID-19 outbreak but has since been in slow stagnation, with revenue declining over the last two years. Looking into 2025, the retailer's first quarter beat estimates, but the overall outlook underwhelmed. The company reported adjusted earnings of $0.16 per share versus estimates of $0.14 per share, while total revenue came in at $4.60 billion compared to expectations of $4.50 billion. From another perspective, things didn't look that great. While revenue came in above expectations, it trailed last year's total sales of roughly $4.85 billion. Operating income fell 24.8% year over year to $94 million, and net income declined 38.7% to $38 million. Diluted earnings per share declined from $0.22 in the first quarter of 2024 to $0.13 per diluted share this year. These year-over-year declines are something that is haunting Macy's and putting downward pressure on the stock. For this year, the company reiterated net sales guidance in the range of $21 billion to $21.4 billion. In comparison, it reported sales of $22.29 billion in 2024. All in all, Macy's cut its profit outlook for the year and expects to raise prices on products to offset the impact of tariffs on its goods. Dick's Sporting Goods In contrast, Dick's Sporting Goods has done surprisingly OK. First-quarter results included a 5.2% year-over-year increase in sales revenue, to roughly $3.18 billion, while non-GAAP income was flat at $275 million. The company has been building sales annually and provided good guidance for 2025, reiterating its previous expectations of $13.80 to $14.40 in earnings per share. The high end of that range would beat out 2024, which finished with diluted earnings per share of $14.05. Net sales are expected to be in the range of $13.6 billion to $13.9 billion, which would outperform last year's revenue of $13.45 billion. Dick's is also looking to expand through its announced acquisition of Foot Locker for $2.5 billion. This drastically increases the company's position within shoes and sets up Dick's for future growth, as Foot Locker had been in the midst of a turnaround itself. An expanding business versus a declining one This story is a comparison of a company that is shuttering stores in an attempt to become a leaner machine, relative to a company that seemingly is looking to grow. Though improvement is slow, Dick's has been reporting better year-over-year sales figures than Macy's, with plans to open new stores and even make an acquisition, whereas Macy's plans to close over 100 locations and raise prices. While the potential for tariffs to cause headaches for both of these companies is something to be mindful of, I think you have to go with Dick's Sporting Goods here. Its diversified offerings give it a broader consumer base, while Macy's is more heavily concentrated in clothing, perfumes, etc. Unlike a lot of tech, there's still some value in retail, with Dick's trading at a little over 12 times earnings and offering a 2.73% dividend yield. While the short term might be a bit choppy due to tariffs, long-term this company seems to be making the right moves. Should you invest $1,000 in Dick's Sporting Goods right now? Before you buy stock in Dick's Sporting Goods, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dick's Sporting Goods wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
