President Donald Trump has come up short on striking trade deals with most nations with just one month left before his self-imposed tariff deadline, even as he took his first steps in weeks toward engaging with China.

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.

Trump announced a new round of trade talks with China next week, a day after calling Chinese counterpart Xi Jinping in a bid to end a battle over tariffs.

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.

Even before Donald Trump’s “Liberation Day” tariffs on April 2nd, the median estimate among the 48 who were surveyed by the University of Chicago’s business school was that Mr Trump’s levies would raise inflation in 2025 by 0.

President Donald Trump is feeling better about trade talks with China after calling President Xi Jinping on Thursday, saying they will meet again soon to resume negotiations.