Why Cramer Is Skeptical of Improvement in China-U.S. Business Relations

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U.S. President Joe Biden and China President Xi Jinping held a surprise 90-minute phone call late Thursday that White House officials hoped would "underscore the United States' enduring interest in peace, stability, and prosperity in the Indo-Pacific."

The first call between the two leaders in seven months, however, only underscores the frosty relations that have developed between the world's two biggest economies, each of which has accused the other of breaking unwritten agreements on trade, climate change and regional security.

"The two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict," the White House added in a statement following the call, while state-backed media in China said the pair should "show strategic courage and insight, and political boldness, and push Sino-U.S. relations back to the right track of stable development as soon as possible."

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