U.S. President-elect Donald Trump on Friday said he discussed trade, fentanyl and Tiktok with Chinese President Xi Jinping, saying their phone call "was a very good one for both China and the U.S.A."

The European Union is debating whether to drop a sensitive trade investigation against China over alleged coercive activity targeting Lithuania, a prospect that’s frustrated officials in Washington, where the incoming Trump team sees it as capitulation to Beijing.

Why it matters: Trump said last month he exchanged messages with Xi after winning the election but didn't confirm they spoke. The president-elect has promised to implement aggressive tariffs on imports from China and could also be forced to determine the fate of TikTok upon taking office.

On the eve of Donald Trump’s White House return, the Chinese government announced that last year it recorded a trade surplus of almost $1 trillion, a third of which was with the US.

Bloomberg reporters answer questions about how Trump’s promises to raise tariffs on China could lead to a trade war with global consequences.

Donald Trump's Treasury secretary pick, Scott Bessent, told lawmakers at his Senate hearing he backs using tariffs against what he called 'unfair trade practices.' During Trump's first term, the EU and China ducked some duties by buying U.