President Donald Trump and Chinese President Xi Xinping held a phone call Thursday amid ongoing tensions between the two superpowers.

The conversation was confirmed by the Chinese foreign ministry, which said Trump initiated the call. The White House did not immediately comment.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Donald Trump said Thursday after a call with China's leader. Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

The European Central Bank (ECB) has cut its key interest rate for the eighth time in just over a year as it warned about continuing pressure on the eurozone from Donald Trump's tariffs. The main rate has been reduced from 2.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

Even before Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the 48 who were surveyed by the University of Chicago’s business school was that Mr Trump’s levies would raise inflation in 2025 by 0.

Donald Trump's wide-ranging taxes on imports were reinstated this week after being deemed illegal by a trade court. Their ultimate fate is yet to be decided.

President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles.