Jamaine Punzalan

US President Donald Trump (left) shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. Fred Dufour, AFP/File

Article (news)

Agence France-Presse

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17489157447191744417613081TRUMP-XI.webp" style="width:960px" class="fr-fic fr-dib"/>US President Donald Trump (left) shakes hand with China&#x27;s President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. Fred Dufour, AFP/File</div><div> </div>US President Donald Trump and China&#x27;s President Xi Jinping will likely hold a long-awaited call later this week, the White House said Monday, as trade tensions between the world&#x27;s two biggest economies ratchet back up.Trump reignited strains with China last week when he accused the world&#x27;s second-biggest economy of violating a deal that had led both countries to temporarily reduce huge tit-for-tat tariffs.&quot;The two leaders will likely talk this week,&quot; Press Secretary Karoline Leavitt told reporters outside the West Wing when asked whether Trump and Xi would speak.Trump and Xi have yet to have any confirmed contact more than five months since the Republican returned to power, despite frequent claims by the US president that a call is imminent.Trump even said in a Time Magazine interview in April that Xi had called him -- but Beijing insisted that there had been no call recently.Stock markets around the world mostly slid on Monday as the US-China tensions resurfaced.<div><a href="https://www.abs-cbn.com/news/business/2025/6/2/china-firmly-rejects-us-claim-that-it-violated-tariff-deal-1024">China &#x27;firmly rejects&#x27; US claim that it violated tariff deal</a></div>Trump in early April introduced sweeping worldwide tariffs that targeted China most heavily of all, accusing other countries of &quot;ripping off&quot; the United States and running trade imbalances.Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva.But Trump and top US officials Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was &quot;slow-rolling&quot; the agreement in comments to Fox News Sunday.Beijing rejected those &quot;bogus&quot; US claims on Monday, and accused Washington of introducing &quot;a number of discriminatory restrictive measures.&quot;Trump has separately ramped up tensions with other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50 percent from Wednesday.<div><a href="https://www.abs-cbn.com/news/business/2025/5/30/trump-tariffs-stay-in-place-for-now-after-appellate-ruling-0949">Trump tariffs stay in place for now, after appellate ruling</a></div><div><a href="https://www.abs-cbn.com/news/business/2025/6/1/us-debt-market-crisis-looming-jpmorgan-chief-warns-0625">US debt market crisis looming, JPMorgan chief warns</a></div><div> </div>Stock markets higher as traders eye possible Trump-Xi talks<div> </div>Major stock markets rose and the dollar climbed on Tuesday as investors kept tabs on the China-US trade war, with speculation swirling that the countries&#x27; leaders will soon hold talks.After a period of relative calm on tariffs, US President Donald Trump accused Beijing at the weekend of violating last month&#x27;s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium.&quot;Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi (Jinping) would speak on the phone helped to ease fears,&quot; said Kathleen Brooks, research director at XTB.Hong Kong and Shanghai stock markets closed higher on Tuesday, and Wall Street&#x27;s major stock indices advanced in midday trading.Trade Nation analyst David Morrison noted that investors had been largely brushing off negative news about the economy linked to Trump&#x27;s tariffs.&quot;Many remain convinced that Mr Trump&#x27;s trade wars will soon come to an end, perhaps basing this view on &#x27;TACO&#x27;, or Trump Always Chickens Out,&quot; he said.Europe&#x27;s main indices also pushed despite the collapse of the Dutch government.Far-right Dutch leader Geert Wilders withdrew his party from the government in a row over immigration, bringing down a shaky coalition and likely ushering in snap elections.The withdrawal opens up a period of political uncertainty in the Netherlands -- the European Union&#x27;s fifth-largest economy and a major exporter -- as far-right parties make gains across the continent.The Netherlands is part of the eurozone, where official data on Tuesday showed the area&#x27;s inflation eased in May to its lowest level in eight months, back below the European Central Bank&#x27;s two-percent target.The ECB had already been widely expected to cut eurozone interest rates this week, putting pressure on the euro.The main Euronext Amsterdam stocks index initially slumped following the government collapse but closed the day with a small gain.<div> </div>- Growth downgrade -<div> </div>Focus was firmly on the United States and China.Officials from both sides are set for talks on the sidelines of an Organisation for Economic Cooperation and Development ministerial meeting in Paris on Wednesday.The OECD on Tuesday slashed its 2025 growth outlook for the global economy to 2.9 percent from 3.1 percent previously expected.It also said the US economy would expand 1.6 percent, down from an earlier estimate of 2.2 percent.The organisation noted that &quot;substantial increases&quot; in trade barriers, tighter financial conditions, weaker business and consumer confidence, as well as heightened policy uncertainty would all have &quot;marked adverse effects on growth&quot; if they persist.&quot;For everyone, including the United States, the best option is that countries sit down and get an agreement,&quot; OECD chief economist Alvaro Pereira told AFP.Data on Tuesday indicated Chinese factory activity shrinking at its fastest pace since September 2022.Also in focus was Trump&#x27;s signature &quot;big, beautiful bill&quot;, headlined by tax cuts slated to add up to $3.0 trillion to the nation&#x27;s debt at a time of heightened worries over the country&#x27;s finances.US senators have started what is certain to be fierce debate over the policy package, which partially covers an extension of Trump&#x27;s 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans.Crude prices rose on concerns that Canadian wildfires could impact oil supplies.<div> </div>- Key figures at around 1530 GMT -<div> </div>New York - Dow: UP 0.3 percent at 42,421.02 pointsNew York - S&amp;P 500: UP 0.4 percent at 5,959.75New York - Nasdaq Composite: UP 0.7 percent at 19,381.36London - FTSE 100: UP 0.2 percent at 8,787.02 (close)Paris - CAC 40: UP 0.3 percent at 7,63.84 (close)Frankfurt - DAX: UP 0.7 percent at 24,091.62 (close)Tokyo - Nikkei 225: DOWN 0.1 percent at 37,446.81 (close)Hong Kong - Hang Seng Index: UP 1.5 percent at 23,512.49 (close)Shanghai - Composite: UP 0.4 percent at 3,361.98 (close)Euro/dollar: DOWN at $1.1378 from $1.1443 on MondayPound/dollar: DOWN at $1.3520 from $1.3548Dollar/yen: UP at 143.86 yen from 142.71 yenEuro/pound: DOWN at 84.18 pence from 84.46 penceBrent North Sea Crude: UP 1.7 percent at $65.73 per barrelWest Texas Intermediate: UP 1.8 percent at $63.67 per barrel

US President Donald Trump and China's President Xi Jinping will likely hold a long-awaited call later this week, the White House said Monday, as trade tensions between the world's two biggest economies ratchet back up.

US President Donald Trump and China's President Xi Jinping will likely hold a long-awaited call later this week, the White House said Monday, as trade tensions between the world's two biggest economies ratchet back up.

Trump, Xi will 'likely' talk this week: White House

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Trump, Xi will 'likely' talk this week: White House

Agence France-Presse

Published June 03, 2025 09:57 AM PHT

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Updated June 04, 2025 01:46 AM PHT

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