Trump, Xi Jinping Could Reportedly Talk ‘Very Soon’ After Recent US-China Flare Up

President Donald Trump and President Xi Jinping could talk “very soon” amid an ongoing flare-up in tensions between the U.S. and China.

A CNBC report, citing an anonymous White House official, said that while the talks are expected soon, they might not happen on Monday.

This comes as the ongoing trade war between the two countries has intensified. Things took a turn for the worse last week after President Trump said that China “totally violated” a preliminary trade deal struck between the world’s top two economies on May 12 in Geneva.

China hit back, accusing the Trump administration of unilaterally “provoking” new points of friction between the two countries.

“Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts. China firmly rejects the unreasonable accusations,” a Chinese Ministry of Commerce spokesperson said.

The U.S. and China struck a preliminary deal in May, pausing most tariffs for 90 days.

A week later, the Chinese government criticized the U.S. after the Commerce Department issued a warning against using Chinese-made chips, specifically mentioning Huawei in the guidance.

At the time, a Chinese commerce ministry spokesperson said the U.S. is overreaching and said China opposes this “typical unilateral bullying behavior.”

Meanwhile, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, was up 0.35% at the time of writing.

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