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."

President-elect Donald Trump said he spoke on the phone with Chinese President Xi Jinping about TikTok, fentanyl, trade and more.

Donald Trump has touted tariffs as high as 60%. But China’s domestic tech sector may be insulated against such measures.

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 came to Washington eight years ago vowing to rewrite U.S. trade relationships, shrink a massive goods trade deficit and rebuild America's industrial base with new tariffs. The president-elect is about to embark on an even more aggressive effort in his second term,

Trade between the world’s two largest economies is on the brink of chaos again. The outgoing Biden administration has turned up the heat in its final days, handing Trump a loaded gun in the form of sweeping restrictions directed at Beijing.

Even before Donald Trump takes office on Monday, trade tensions between the world’s biggest economies are already heating up.