CNBC's The China Connection newsletter: The U.S. wants China to call. Why it won’t – for now

This report is from this week's edition of CNBC's The China Connection newsletter, which brings you insights and analysis on what's driving the world's second-largest economy. Each week, we'll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here.

The last time Donald Trump and Chinese President Xi Jinping spoke was just before the January 20 U.S. presidential inauguration.

Less than two weeks after becoming president for a second time, Trump added 10% tariffs on Chinese goods, and said he would talk to Xi in the next 24 hours.

"We called the White House. 'How did the call go?'" a senior U.S. business executive who wished to remain unnamed told me last week. The White House said, "'The Chinese didn't call.'"

"What's just been patently clear from the beginning, the administration dramatically overestimates how much leverage tariffs give them on China," the executive said

The U.S. jacked up new tariffs on Chinese goods last week, effectively taking them to 145%.

After retaliating with a 125% increase in tariffs on U.S. goods, Beijing went into the weekend by calling...
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