**Trump–Xi Phone Call Sparks Optimism Amid Strained Trade Relations**

In a notable development for global markets, President Donald Trump initiated a phone call with China President Xi Jinping, as reported by Chinese media outlet Xinhua. The call, confirmed by Beijing's Ministry of Foreign Affairs, led to a rise in U.S. stock futures, reflecting optimism among investors.

The communication comes at a time when trade tensions between the United States and China have escalated. Despite recent productive discussions in Switzerland, where both nations agreed to temporarily reduce tariffs on each other's goods, this fragile progress is under threat. The Trump administration recently voiced concerns that China is delaying its commitment to approve the export of more critical minerals, an agreement reached during the Geneva negotiations.

Adding to the strain, China has expressed its dissatisfaction with the U.S. decision to impose new restrictions on Chinese student visas. Furthermore, the Trump administration's advisory against using Chinese semiconductors has been perceived by Beijing as an attempt to undermine recent trade advancements.

The ongoing friction has prompted President Trump to reach out to President Xi, marking only their second direct conversation this year. Their previous phone call was on January 17, before Trump's inauguration. This recent dialogue underscores the complexities of U.S.-China trade relations and the significant economic impact they wield globally.

Meanwhile, the Trump administration has imposed new export restrictions on chips, citing national security concerns. However, China views these measures as punitive actions, further complicating bilateral relations.

This call, initiated by Trump, highlights the delicate balance both nations are attempting to maintain amid ongoing disputes. As developments continue to unfold, the global economic community remains watchful, hopeful for a resolution that can stabilize markets and foster more constructive engagements between the two economic powerhouses.