President Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive," with both leaders inviting the other to visit their respective countries.

President Donald Trump and Chinese counterpart Xi Jinping have spoken amid stalled negotiations between their countries over tariffs that have roiled global trade.

President Trump spoke to China's Xi Jinping about trade, CBS News has confirmed. This comes as Mr. Trump accused China of violating an initial agreement and as the administration targets international student visas.

Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles.

The US trade deficit more than halved in April as President Donald Trump's global tariffs reversed an import surge that preceded the new duties.