(June 18): The US and China said their presidents will meet in Japan next week to relaunch trade talks after a monthlong stalemate, triggering a rally in financial markets.

President Donald Trump said Tuesday that he had a “very good” phone conversation with Chinese counterpart Xi Jinping. The two leaders will hold an “extended meeting” at the G-20 summit on June 28-29 in Osaka and “our respective teams will begin talks prior to our meeting,” Trump said on Twitter. The U.S. president had repeatedly threatened more tariffs if Xi spurned the opportunity to talk.

“The meeting might very well go well,” Trump told reporters as he departed the White House to officially launch his re-election campaign in Orlando. China wants to make a deal, he added.

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