Chinese President Xi Jinping and U.S. President Donald Trump engaged in a rare phone call to discuss key geopolitical issues including Taiwan and Ukraine, as well as potential avenues for expanding bilateral cooperation. During the conversation, Xi emphasized China's stance on Taiwan, framing it within the context of the post-World War II international order, and called for efforts to maintain the outcomes of the war. Trump highlighted the potential for increased tariff receipts as inventory stockpiles diminish, sparking discussions on inflation and corporate profit margins. The call's implications are being closely monitored by markets, with particular attention to foreign exchange, interest rates, and sectors such as semiconductors and hardware that are sensitive to import dynamics. Observers are awaiting a U.S. readout and upcoming economic data for further insights.