Sales of vehicles made in Canada plunged by nearly 23 percent in April after President Trump imposed a 25 percent auto tariff.

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 Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive" on Thursday, with both leaders inviting the other to visit their respective countries.

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.

China has accused President Donald Trump of causing severe disruption to global supply chains after he doubled the United States' steel and aluminum tariffs to 50 percent. Trump hiked the Section 232 tariffs in a proclamation that took effect on June 4,