With trade tensions still running high, the White House says a call between President Trump and Chinese President Zi Jinping will "likely happen this week."

US stocks gained Monday as investors digested President Donald Trump’s doubling of tariffs on America’s steel and aluminum imports while trade tensions with China flare up once again.

Shares rose early Tuesday in Asia after U.S. stock indexes drifted closer to records, while oil prices extended gains. Beijing and Washington dialed back trade friction as the U.S. extended exemptions for tariffs on some Chinese goods,

Administration officials say President Trump could speak to Chinese President Xi Jinping this week to try to de-escalate trade tensions between the United States and China.

China on Monday countered President Donald Trump's earlier remarks that the country had violated the trade truce struck between Washington and Beijing last month in Geneva, saying the U.S. had introduced measures that "seriously undermine" their deal.

US tensions with two key trade partners amped up on Monday after President Trump doubled tariffs on steel and aluminum and the US pushed countries for deals ahead of looming deadlines. China responded to Trump's claim on Friday that it has "totally violated its agreement" with the US,

After the US and China agreed in Geneva to lower tariffs from astronomical heights, tensions are now surging over access to chips and rare earths. And Beijing increasingly appears to have an edge.

Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.