Thursday’s call came at Trump’s request, China said. It’s not clear when the two men last spoke.
Both sides said they spoke on Jan 17, days before Trump’s inauguration and Trump has repeatedly said that he had spoken to Xi since taking office on Jan 20. He has declined to say when any call took place or to give details of their conversation. China had said that the two leaders had not had any recent phone calls.
Oil markets rose slightly on news of the renewed dialogue. Brent crude futures climbed 0.5 per cent to US$65.21 per barrel, while West Texas Intermediate gained 0.6 per cent to US$63.23. Analysts said the easing of trade tensions could boost global demand expectations, particularly in the US and China.
“If we step back from the brink of a major trade war, it will increase demand expectations for oil both in the US and in China,” said Phil Flynn, senior analyst with Price Futures Group.
Meanwhile, investors are closely watching for any follow-up announcements from the talks. Market participants remain cautious, with attention also on Saudi oil price moves, OPEC+ production hikes, and broader global economic headwinds.
The talks are being closely watched by investors worried that a chaotic trade war could cut into corporate earnings and disrupt supply chains in the key months before the Christmas holiday shopping season. Trump’s tariffs are also the subject of ongoing litigation in US courts.
Trump has met Xi on several occasions, including exchange visits in 2017, but they have not met face to face since 2019 talks in Osaka, Japan.
Xi last travelled to the US in November 2023, for a summit with then-President Joe Biden, resulting in agreements to resume military-to-military communications and curb fentanyl production.
