President Donald Trump held a phone call with China President Xi Jinping, Chinese media outlet Xinhua reported. The call was initiated by Trump, Beijing's Ministry of Foreign Affairs said in a subsequent statement.

It's the first known call between the two leaders since Inauguration Day — and the first time they've spoken since tariffs began ratcheting up.

This coming week, the Labor Department will release consumer-price index and producer-price index data from May, providing new readings on inflation and how prices have changed as a result of tariff policies.

Japan is planning to propose strengthening cooperation with the United States on rare earth supply chains in upcoming tariff talks, with recent export restrictions by China in mind, the Nikkei business daily reported on Thursday.