US President Donald Trump has said that talks with China are underway to reach a new agreement on tariffs and claimed that Chinese President Xi Jinping recently called him. In an interview published by Time magazine on Friday (April 25), Trump said, “He’s called. And I don’t think that’s a sign of weakness on his behalf.”

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Trump did not say when the call happened or what was discussed, but he expressed confidence that a deal could be finalised soon. “I’ll be finished making US deals on tariffs in about three or four weeks,” he added. When asked if maintaining tariffs as high as 50% in a year would be considered a win, Trump replied, “Total victory.”

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China responds with economic plans amid trade pressures

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Meanwhile, in Beijing, Chinese President Xi Jinping chaired a key politburo meeting on Friday to address the country's ongoing economic troubles and the lasting effects of the US trade war. According to a statement released by state media outlet Xinhua, the meeting discussed the “positive trend” in the economy but acknowledged that “the impact of external shocks has increased.”

The politburo called for greater preparedness and resilience, emphasising the need to protect businesses and citizens from external pressures, including US tariffs. The statement said China must “oppose unilateral bullying practices” and push for stronger multilateral cooperation.

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To stabilise the domestic economy, the meeting proposed several support measures. These include boosting unemployment insurance payouts, increasing incomes for low- and middle-income groups, expanding the service industry, and encouraging consumer spending.

The government also pledged to offer more financial help to struggling businesses, strengthen trade integration, and speed up housing and urban renewal projects.

The meeting came amid reports that China may cut or remove some of the steep tariffs, currently at 125%, placed on US goods. According to sources cited by Bloomberg and Reuters, items such as semiconductors, medical equipment, and certain industrial chemicals like ethane are being considered for exemption.

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