President Donald Trump on Wednesday voiced frustration over stalled trade negotiations with China, describing Chinese President Xi Jinping as “extremely hard to make a deal with.”

His remark comes at a delicate moment, as the White House signals openness to a leader-to-leader call aimed at resolving rising tariff tensions between the world’s two largest economies.

“I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Trump posted on Truth Social, casting doubt on the likelihood of meaningful progress if the two leaders eventually connect.

The statement marked a stark contrast to the more optimistic tone from White House officials earlier in the week, who said a call between Trump and Xi could happen soon. But as of Wednesday, there was no confirmation that such a conversation had been scheduled.

Trump’s comments are believed to be a reflection of growing pessimism in Washington about the prospects of breaking the deadlock. His public expression of doubt has also cast a shadow over expectations that direct talks with Xi might help untangle the web of tit-for-tat tariffs and retaliatory measures that have rattled global markets.

On May 12, the two sides reached a temporary agreement in Switzerland to suspend most tariffs for 90 days and roll back China’s countermeasures, offering a brief window of relief. However, that truce has all but collapsed. The Trump administration accuses China of failing to honor its commitments, including a promise to ease restrictions on rare earth exports—key materials in electronics and defense industries.

Meanwhile, Beijing has not backed down from its position. Chinese officials have repeatedly stated that they will not yield to pressure from Washington. Foreign Minister Wang Yi reinforced that message during his meeting this week with U.S. Ambassador to China David Perdue, saying the Trump administration’s actions have been based on “groundless reasons” and violate China’s legitimate interests.

While Beijing did acknowledge Trump’s “respect” for Xi—according to the Chinese readout of the meeting—there is no indication that China is preparing to make major concessions.

American business leaders, too, are under no illusion that China will backpedal under U.S. pressure. JPMorgan Chase CEO Jamie Dimon, in a recent comment, said: “China is a potential adversary. They’re doing a lot of things well. They have a lot of problems. But they’re not scared, folks. This notion that they’re going to come bow to America—I wouldn’t count on that.”

Dimon’s assessment mirrors the broader view among U.S. industry insiders that China’s negotiating posture remains firm and strategic. As the two countries navigate this increasingly tense terrain, many agree the tariff dispute is far from resolution.

Even as Trump continues to express interest in speaking with Xi, something he has repeated in recent weeks, analysts believe China will only agree to a high-level call if there’s confidence that it won’t be followed by sudden reversals or inflammatory rhetoric from the White House.

Trump and Xi last spoke in January, just before Trump was inaugurated for his second term. Since then, the atmosphere has shifted significantly, with Washington ramping up export restrictions on Chinese access to advanced technologies and revoking visas for some Chinese students.

Presently, the hope that a phone call between the two leaders could break the deadlock appears dim. As Trump’s own words suggest, any breakthrough—if it happens at all—will be a long and uncertain walk through a minefield of competing interests, unresolved grievances, and strategic mistrust.

Stablecoin issuer Circle Internet Group Inc. and its backers have raised nearly $1.1 billion in an upsized initial public offering (IPO) that priced above expectations, marking a significant moment of validation for the crypto industry as it inches closer to mainstream financial markets.

The IPO, which saw strong investor demand, suggests growing confidence in stablecoins at a time when the U.S. Congress is advancing legislation that could soon bring regulatory clarity to the sector.

Circle and its shareholders sold 34 million shares at $31 each, above the raised price range of $27 to $28, which itself had been increased earlier this week from the original $24 to $26 range. The offering gives the company a market capitalization of $6.9 billion, and a fully diluted valuation of approximately $8.1 billion when stock options and other securities are factored in.

The robust investor appetite led to orders outstripping available shares by more than 25 times before books closed on Tuesday, according to people familiar with the matter cited by Bloomberg.

Among those participating in the IPO are ARK Investment Management, which plans to purchase up to $150 million worth of shares, and BlackRock Inc., which intends to acquire approximately 10% of the offering. BlackRock already plays a critical role in Circle’s operations, managing a $53.3 billion reserve fund that backs its U.S. dollar-pegged stablecoin, USDC.

Circle itself sold 14.8 million shares while selling shareholders divested 19.2 million, including co-founder and CEO Jeremy Allaire. Trading of the stock is expected to commence Thursday on the New York Stock Exchange under the ticker symbol CRCL.

Circle’s public debut comes at a pivotal moment for the stablecoin industry. With Congress advancing legislation to regulate these dollar-pegged digital tokens, the IPO signals a turning point in the acceptance of crypto-related businesses by traditional markets. Legislation could boost trust and draw in even more institutional investors and competitors. According to a report from the Wall Street Journal, some of Wall Street’s largest banks are now exploring their own dollar-backed digital currencies.

Circle’s USDC currently commands about 29% of the stablecoin market, according to its SEC filings citing CoinMarketCap data. As of May 29, about $61 billion worth of USDC is in circulation. While USDC has seen its market share decline in the face of strong competition from Tether, Circle has sought to emphasize transparency in its reserve backing and its commitment to regulatory compliance.

The IPO also comes more than a year after Circle scrapped its earlier attempt to go public via a SPAC merger that would have valued the company at $9 billion. At that time, the crypto market was reeling from a series of setbacks, including the collapse of FTX and a widespread loss of investor confidence. Circle was last valued at $7.7 billion in a private funding round in 2022, according to PitchBook.

Now, with stronger demand and greater policy attention on stablecoins, Circle appears to be entering public markets under far more favorable conditions. The IPO was led by JPMorgan Chase, Citigroup, and Goldman Sachs, all of whom have deepened their involvement in digital asset infrastructure in recent years.

The success of the listing could open the door for more crypto-native firms seeking to bridge into traditional finance through public offerings, particularly if U.S. lawmakers finalize a regulatory framework that treats stablecoin issuers more like financial institutions.

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For over 15 years, Routelink Group has been at the forefront of technological innovation and has provided cutting-edge solutions in enterprise IT, fintech, and telecommunications, empowering businesses to thrive in the digital age. Tekedia Institute appreciates this opportunity to co-learn with the innovators behind this company.

Welcome Team Routelink to Tekedia Institute; our product is Knowledge, and with that knowledge, you will discover more routes and win more territories. Welcome!