Trump-Xi Call to Ease Trade Tensions Amid New Tariffs and Ukraine Peace Talks

US-China Trade Tensions and Tariffs

• ⚡ President Trump may speak with Chinese President Xi this week to deescalate trade tensions.
• 📈 This comes as Trump accused China of violating a preliminary trade agreement and plans to double tariffs on foreign steel and aluminum.
• ⚠️ The new 50% tariffs on steel and aluminum are set to take effect this Wednesday, with the administration citing job protection and national security.
• 📉 Economists express concern over potential price increases on various goods, while the EU threatens counter measures.
• ❓ Small business owners face uncertainty regarding long-term costs and planning due to the trade disputes.

China's Alleged Trade Agreement Violations

• 🧐 Treasury Secretary Scott Bessant stated that Beijing is withholding agreed-upon exports, including rare earth minerals.
• 🤝 Bessant expressed confidence that a call between Trump and Xi would resolve these issues.

Ukraine Peace Talks and Prisoner Exchange

• 🕊️ Delegations from Russia and Ukraine concluded a round of peace talks in Turkey after just over an hour.
• 🤝 Both sides agreed to a prisoner of war exchange and the swap of 6,000 bodies of fallen soldiers.
• ✈️ These talks followed a Ukrainian drone attack on Russian military bases, which reportedly damaged or destroyed over 40 warplanes.