Trump Xi Call Signals a Trade Thaw, but Tariff Friction Stays High

Trump and Xi’s 4th February 2026 call reinforced the late 2025 trade truce, with a quantified soybean purchase uplift but no fresh US tariff cuts. For importers, it’s warmer tone, structurally high friction, with key watchpoints around an April Beijing visit, rare earth pauses, and tariff legal risk.