A long-anticipated call between U.S. President Donald Trump and Chinese President Xi Jinping on Friday produced signs of progress on trade, TikTok, and broader U.S.–China relations. While no final deal has yet been announced, both leaders confirmed plans to meet in person later this year.
Key Points
- Trump and Xi agreed to meet at the APEC summit in South Korea at the end of October, with additional visits planned in 2026.
- TikTok’s U.S. future remains unresolved, though both sides signaled support for a framework that could allow the app to keep operating.
- Trade tensions persist despite a tariff truce, leaving investors watching closely for signs of lasting agreement.
TikTok Talks Inch Forward
Trump described the call as “very productive,” highlighting what he called “progress” on TikTok, trade, and even geopolitical flashpoints such as Ukraine. He said he “appreciates the TikTok approval,” though the White House later clarified that no final deal had been reached.
Chinese state media echoed the positive tone but avoided specifics, saying only that Beijing supported a “market-based solution.” The distinction highlights how far the two sides still are from resolving questions around TikTok’s ownership structure and, crucially, its powerful algorithm.
For investors, Oracle (ORCL +2%) remains in focus as a likely participant in any eventual deal.
Trump described the call as “very productive,” highlighting what he called “progress” on TikTok, trade, and even geopolitical flashpoints such as Ukraine. He said he “appreciates the TikTok approval,” though the White House later clarified that no final deal had been reached.
Chinese state media echoed the positive tone but avoided specifics, saying only that Beijing supported a “market-based solution.” The distinction highlights how far the two sides still are from resolving questions around TikTok’s ownership structure and, crucially, its powerful algorithm.
For investors, Oracle (ORCL +2%) remains in focus as a likely participant in any eventual deal.
Tariff Pause Nears Expiration
The U.S. and China remain locked in a fragile trade truce. Tariffs, currently capped at 30% on Chinese goods entering the U.S. and 10% on U.S. exports to China, are set to expire in November unless extended. Earlier this year, tariff levels reached as high as 145% in both directions, effectively freezing trade flows.
Beijing has warned against unilateral U.S. tariff hikes, while Trump said he may extend the current pause under existing terms. Markets will be sensitive to any developments given the potential for a sharp swing in costs for importers and exporters.
Nvidia (NVDA), which relies heavily on chip sales to China, is one of several U.S. tech firms directly affected by ongoing export restrictions and Beijing’s scrutiny of foreign suppliers.
The U.S. and China remain locked in a fragile trade truce. Tariffs, currently capped at 30% on Chinese goods entering the U.S. and 10% on U.S. exports to China, are set to expire in November unless extended. Earlier this year, tariff levels reached as high as 145% in both directions, effectively freezing trade flows.
Beijing has warned against unilateral U.S. tariff hikes, while Trump said he may extend the current pause under existing terms. Markets will be sensitive to any developments given the potential for a sharp swing in costs for importers and exporters.
Nvidia (NVDA), which relies heavily on chip sales to China, is one of several U.S. tech firms directly affected by ongoing export restrictions and Beijing’s scrutiny of foreign suppliers.
Meetings on the Horizon
The most concrete outcome of the call was the agreement for two upcoming face-to-face meetings. The first will be at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea from October 30 to November 1. Trump also confirmed plans to travel to China in early 2026, while Xi is expected to make a U.S. visit at a later date.
For Xi, a U.S. presidential visit would mark a symbolic victory, showing recognition at a time when China is navigating economic headwinds. For Trump, the optics of progress on trade and TikTok could provide a boost as tariff deadlines loom.
The most concrete outcome of the call was the agreement for two upcoming face-to-face meetings. The first will be at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea from October 30 to November 1. Trump also confirmed plans to travel to China in early 2026, while Xi is expected to make a U.S. visit at a later date.
For Xi, a U.S. presidential visit would mark a symbolic victory, showing recognition at a time when China is navigating economic headwinds. For Trump, the optics of progress on trade and TikTok could provide a boost as tariff deadlines loom.
Conclusion
The Trump-Xi call marked another step in a slow, cautious thaw between the world’s two largest economies. While no final breakthrough was announced on TikTok or tariffs, both leaders signaled that dialogue will continue. For investors, the coming APEC summit in South Korea may provide the next catalyst — with Oracle and Nvidia among the companies most directly exposed to the shifting U.S.–China dynamic.
The Trump-Xi call marked another step in a slow, cautious thaw between the world’s two largest economies. While no final breakthrough was announced on TikTok or tariffs, both leaders signaled that dialogue will continue. For investors, the coming APEC summit in South Korea may provide the next catalyst — with Oracle and Nvidia among the companies most directly exposed to the shifting U.S.–China dynamic.
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