Gee ... what might the two leaders of the world's largest economies have to discuss? The Knicks firing a coach that got them into the finals? The latest episode of The Last of Us?

For the moment, we don't know -- and in fact, we only know about the call because China's state media got its spin out first. While they didn't offer any specifics of the discussion, the context of the call is the escalating retaliatory moves in the trade war and the apparent collapse of a 90-day truce. And the CCP mouthpieces made sure to note that Donald Trump asked for the call rather than Xi Jinping: 

President Trump spoke with Xi Jinping at the U.S. president's request, state media in China said, offering investors hope that their trade standoff could be resolved.

The New York Times followed up with more context and without the "Trump backed down" spin, surprisingly:

President Trump spoke to China’s top leader, Xi Jinping, on Thursday for the first time since taking office, according to Chinese state media, as a fragile truce in a trade war between the world’s two largest economies shows signs of unraveling.

The call was reported by Chinese state media in a brief dispatch late Thursday that did not immediately include details. Mr. Trump and Mr. Xi were last known to have spoken to each other on Jan. 17, days before Mr. Trump was inaugurated as president. ... 

The Trump administration has accused Beijing of breaking the truce by restricting exports of critical rare earth minerals used by a range of American manufacturers, including carmakers and semiconductor producers. Shortages of the minerals, which are used to make powerful industrial magnets, could bring some American factories to a standstill. China dominates the global market for the minerals and views it as a choke point over the United States.

In response, the Trump administration has proposed a plan to revoke visas for some Chinese students and suspended some sales to China of components and software used in jet engines and semiconductors, as well as certain types of chemicals and machinery.

As of 10 am ET, Trump has nothing posted on his Truth Social account about the call.  CNN claims to have confirmation of the call itself from someone "familiar with the matter," but they also note that Xi may have been ducking Trump's call for other reasons:

As CNN reported ahead of the call, Chinese officials — who were deeply wary of Trump’s unpredictability and track record of putting foreign leaders in awkward or embarrassing situations — had put off a phone call, according to people familiar, even as Trump stated on multiple occasions this spring that he expected to speak with Xi soon.

The president’s Oval Office ambushes of Ukraine’s Volodymyr Zelensky and South Africa’s Cyril Ramaphosa caught the attention of officials in China, those people added, and officials wanted to avoid anything similar, even in a private conversation.

But Trump regards securing a new agreement with Beijing both as a critical component of his broader trade agenda and as a necessary follow-up from his first term, when trade deals with China got derailed during the Covid-19 pandemic.

The Wall Street Journal also doesn't have much more insight into the call itself, but suggests that Xi had little choice but to engage with Trump:

Until now, Xi had resisted getting on the phone with Trump as the Chinese leader wanted the White House to first dial down its pressure on Beijing, according to people close to China’s decision-making.

However, faced with mounting economic pressure, Xi also has to prevent the Chinese economy from falling into an abyss. Managing relations with Washington is key to that.

In an initial sign that Beijing was engaged with Washington in arranging the call, Chinese Foreign Minister Wang Yi met with David Perdue, the U.S. ambassador to Beijing, on Tuesday. Wang urged the U.S. to “create the necessary conditions” for bilateral relations to get back on the right track.

Then on Thursday, Chinese Vice President Han Zheng also met a U.S. delegation for a “Track II” dialogue, or discussions among nongovernmental groups on both sides, saying the bilateral relations are now at “a crucial juncture.”

That may be why Beijing's mouthpieces rushed to spin this call even before the White House could note that it had taken place. That sequence makes it look more like Xi blinked first, and sent his ministers out to ask for a gesture of goodwill in order to restart trade talks. 

So did it work? The lack of specifics from either side suggests that it may have broken the ice but produced nothing else of significance. If it had resulted in a breakthrough on trade, Trump would have immediately taken to Truth Social for a victory lap. If it had produced a win for Xi, China's state media would have focused on that rather than who dialed up who's number. As of 10:15 am ET, the markets aren't showing any sign of being impressed by the exchange either. Even the call itself isn't enough to put green lights on any of the major indices, all of which are down between -0.25% and -0.45% after news of the call broke.

Perhaps just getting negotiators back on track is enough, but will this call even do that much? Stay tuned.

Update: Trump now has a new Truth post up, claiming that the call went well and that fresh talks will take place:

President Trump says his hour-and-a-half trade call with China’s Xi reached a positive conclusion for both countries pic.twitter.com/5vutNk3ziY

— Salem News Channel (@WatchSalemNews) June 5, 2025

Looks like Trump is heading to China for a visit soon, although likely after the trade talks conclude. That's usually something that waits until both sides are ready to put signatures on a deal ... a point that Volodymyr Zelensky forgot or ignored a few months ago.