President Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive," with both leaders inviting the other to visit their respective countries.

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.

U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that’s set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further.

President Trump's sweeping tariff plan would cut deficits by $2.8 trillion over 10 years while shrinking the economy, the nonpartisan Congressional Budget Office said.

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.