Trump and Xi hold call, fresh meetings planned soon

President Trump and Chinese President Xi Jinping had a phone call to discuss trade issues, particularly rare earth minerals, which have been a key sticking point in their fractious relationship. The call came after both sides accused each other of violating the 90-day trade truce reached three weeks ago. Trump said teams from both sides would meet soon, with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer representing the US. China has been withholding exports of rare earth minerals, angering the Trump administration and potentially compromising high-tech supply chains. The escalating rhetoric has scared markets, as the tariff pause had contributed directly to a rebound in consumer confidence, CEO confidence, and stocks. Trump has repeatedly suggested that he and Xi speak directly to work out the trade dispute. Chinese officials had suggested Xi was not interested in speaking to Trump unless the US dialed back its aggression both rhetorically and on trade. The phone call was the first announced call between the two since January 17, three days before Trump took office. Companies with exposure to the rare earth supply chain, including the auto industry, will be watching closely to see if Trump's assurances turn into an increase in exports.