U.S. President Donald Trump said his conversation with Chinese President Xi Jinping last week was friendly and he thought he could reach a trade deal with China.

Donald Trump is back in the White House, promising to use the United States's vast economic weight to hit back at China for its alleged unfair trade practices and role in the deadly American fentanyl crisis.

China's total imports reached a record-breaking 18 trillion yuan ($2.47 trillion) in 2024, marking a 2.3 percent year-on-year increase and solidifying the country's position as the world's second-largest import market for a 16th consecutive year, data from the ministry showed.

China’s government has begun incrementally stimulating their economy, which could be a tailwind for China equities, which may have bottomed in January of last year.

Chinese officials were prepared for Donald Trump to deliver bad news on his return to the US presidency: immediate 60 per cent tariffs on exports that could deal a serious blow to the world’s second-largest economy.

China is emphasizing its willingness to negotiate as increased tariffs on exports to the United States may soon become a reality.