• The leaders described their conversation as "excellent," focusing on trade, fentanyl, Ukraine, and Taiwan.
  • Agreements include a deal for U.S. agricultural exports and plans for reciprocal state visits in 2026.
  • The call builds on a recent in-person meeting and an October trade truce, though U.S. officials remain cautious about Chinese commitments.

Former President Donald Trump and Chinese President Xi Jinping held a telephone conversation on Monday that Trump later hailed as "excellent" or "very good" in posts on his Truth Social platform. The discussion, which covered a range of bilateral issues, marks their first direct contact since Trump's return to office and follows a "highly successful" in-person meeting in South Korea just three weeks prior.

According to people familiar with the matter, the call delved into trade specifics, including U.S. agricultural exports like soybeans—a critical sector that faced severe disruptions during the earlier trade war. Trump announced a "good and very important deal" for American farmers, pushing for faster and larger Chinese purchases to stabilize rural economies hit hard by prior soybean purchase halts. In response, China has committed to lifting some export restrictions on critical materials and fentanyl precursors, with resumed flows of auto semiconductors already underway. However, U.S. officials have expressed caution, noting potential backtracking based on past experiences with unfulfilled agreements.

On the geopolitical front, Xi emphasized Taiwan's return to China as a core issue tied to the post-World War II order, urging joint efforts to safeguard those outcomes. This comes amid escalating tensions with Japan, which has vowed to use force against any Taiwan invasion. The leaders also discussed the Ukraine-Russia war, with Xi backing peace efforts without providing specifics. Both affirmed that bilateral relations are on a "steady and positive trajectory," with plans for Trump to visit Beijing in April 2026 and Xi to visit the U.S. later that year, according to sources briefed on the arrangements.

The call builds on an October summit where the two agreed to a one-year trade truce, pausing tariff escalations that had seen U.S. duties reduced to 30% from peaks of 145% and China's to 10%. Despite this easing, accusations of violations have persisted following recent Geneva talks. China's softening of rare earth export controls has provided some relief for U.S. and European tech and defense sectors, easing supply strains that had threatened key industries.

In a brief statement paraphrased from the call, Trump highlighted his personal rapport with Xi, saying, "I like him. He likes me," a sentiment that has sparked debate among analysts about the reliability of any emerging deals. Efforts to reach Chinese officials for additional comment were unsuccessful as of Monday evening. The conversation echoes dynamics from Trump's first term, including a Phase One trade deal for $200 billion in U.S. goods that China largely missed due to the COVID-19 pandemic, and it aligns with Trump's second-term focus on tariffs, building on pre-inauguration discussions about trade and platforms like TikTok.

Short-term, more phone talks and trade progress are expected, with a focus on enforcement and tangible benefits for U.S. farmers. Long-term, the planned 2026 visits could deepen ties, but risks remain from ongoing Taiwan tensions, tariff disputes, and Xi's framing of WWII history. Experts note persistent U.S. skepticism regarding China's commitments, underscoring the fragile nature of these diplomatic overtures.