Welcome to DealBook Daily. I’m your host, and today we’re talking about President Trump’s growing frustrations with China negotiations. On Truth Social this week, he wrote, “I like President XI of China, always have, and always will. But he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Behind the scenes, Treasury Secretary Scott Bessent admits talks have become “a bit stalled.”

Meanwhile, the U.S. has doubled its tariffs on steel and aluminum to 50 percent, even as China tightens export controls on rare earth metals—critical ingredients for everything from smartphones to electric vehicles. American automakers are now exploring production moves to China to sidestep these restrictions.

Despite the tensions, a senior administration official tells CNBC that Mr. Trump and Xi could speak as soon as this week. But with accusations that Beijing is violating last month’s Geneva agreement and recent rebukes over Tiananmen commemorations, the road to a deal looks rockier than ever.
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