Xi Jinping

The deal, reached after Trump and China's President Xi Jinping spoke on the telephone last week, brings a delicate truce in a trade war between the world's two largest economies

China's exports of rare earth minerals -- used in a range of things including smartphones, electric vehicle batteries and green technology -- were a key issue on the agenda.

The outcome of the London talks could reverberate far beyond Washington and Beijing. Many developing economies, particularly in Southeast Asia and Africa, have benefited from US-China tensions as manufacturers look for alternative production hubs.

This follows the much-anticipated telephonic conversation between Trump and Chinese President Xi Jinping on Thursday, in which both sides agreed to talks to prevent an all-out trade war over tariffs and global rare earth supplies.

The conversation, described as "very good" by Trump, comes amid renewed efforts to stabilise one of the world’s most critical geopolitical relationships.

The phone call marks the first interaction between the two leaders since Trump announced the "Liberation Day" tariffs on April 2 this year.

The aggregate volume of futures on Chinese 10-year and 30-year government bonds both fell to their lowest levels since February on Tuesday, according to data from the onshore financial futures exchange.

US Treasury Secretary Scott Bessent said, ”I am confident that when President Trump and Party Chairman Xi have a call, that this will be ironed out."

The announcement sent financial markets soaring after weeks of turmoil over tariff fears, with major Wall Street indexes surging.

Putin's foreign policy advisor Yuri Ushakov told reporters that the visit will be part of a “good tradition,” in which Xi visits Moscow to attend celebrations of Russia's defeat over Nazi Germany in May 1945, and Putin travels to China to attend events marking the Allied defeat of Japan

A Chinese foreign ministry spokesperson called the videos a "damning confession" of the CIA's efforts in "stealing" other countries' secrets.

Ackman suggests that time is of the essence because even if high tariffs are currently pressuring American businesses, a strategic pause would shift the time advantage to the United States.

Xi landed in Phnom Penh on Thursday, kicking off the final leg of his three-nation tour

Other conditions include a more consistent US position and a willingness to address China’s concerns around American sanctions and Taiwan

The remarks come as the United States ramps up economic pressure on Beijing, including a sweeping 145% tariff on Chinese goods and broader moves to decouple from Chinese supply chains.

Xi is in Vietnam for the first leg of a Southeast Asia tour, as Beijing tries to present itself as a stable alternative to an erratic US President Donald Trump, who announced -- and then mostly reversed -- sweeping tariffs this month.

The trip comes with an aim to consolidate economic ties with some of China's closest neighbours at a time when the world's top two economies are locked in a tariff tussle

China has suspended rare earth exports, disrupting global supply chains for electric vehicles, defence, and tech industries, in retaliation to President Trump’s recent tariff hikes, The New York Times reports.

Instead of conceding to US traffic pressure, Beijing has pursued an alternative strategy, prioritizing internal reforms and expanding its economic partnerships globally.