US President Donald Trump and Chinese President Xi Jinping spoke Thursday, according to China’s Foreign Ministry, as trade tensions roil relations between the world’s two largest economies.
Relations between the two rivals have soured in recent weeks, with both sides accusing the other of violating a trade truce that brought down tariffs from massive highs.
With the fresh conflict threatening the fragile détente, market analysts were hopeful the conversation would pave the way to a trade off-ramp. Stocks rose on news of the call, but later turned negative as investors awaited Friday’s US jobs report.
The phone call between the leaders marks their first known formal contact since Trump took office. The last conversation between Trump and Xi took place in January before the US president’s inauguration.
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