U.S. President Donald Trump will speak with Chinese President Xi Jinping as soon as this week, Trump's spokesperson said, setting up a major diplomatic exchange as the world's two largest economies seek a deal that could avert a broader trade war.

President Trump plans to hold talks with China within 24 hours, potentially delaying a 10% tariff on Chinese goods. The discussions may cover illegal Chinese fentanyl and the TikTok app. Trump's prior agreements with Canada and Mexico included delaying tariffs in exchange for stricter border measures.

The presidents face off in trade negotiations, but Beijing’s measured response to new levies shows just how much it has learned since last time.