Trump tweets he'll have "extended meeting" with China's Xi at G20

Trump and Xi at G20
Chinese President Xi Jinping and President Trump at the 2018 G20 summit. Photo: Saul Loeb/AFP/Getty Images

President Trump tweeted Tuesday that he spoke with Chinese President Xi Jinping on the phone this morning and that the two leaders agreed to have an "extended meeting" at the G20 summit in Japan on June 28–29. He added that talks between the two sides will take place before the meeting.

Why it matters: The Dow jumped several hundred points on the news that Xi and Trump have agreed to meet, with the risk of new tariffs on $350 billion of Chinese goods still looming over the global economy. Trump threatened last week that the tariffs would go into effect if Xi failed to attend the G20.

Go deeper: Why the world can't afford a trade war right now

More than 600 companies sign letter to Trump against China tariffs

More than 600 U.S. companies and industry trade associations — including Walmart, Costco, Target and Foot Locker — wrote to President Trump on Thursday, copying senior members of his Cabinet to urge them to relent on the trade battle with China.

What they're saying: "Broadly applied tariffs are not an effective tool to change China’s unfair trade practices," the group said in the letter, which was backed by the National Retail Federation's anti-tariff lobbying campaign Tariffs Hurt the Heartland. "Tariffs are taxes paid directly by U.S. companies, including those listed below—not China."