Two foreign nationals have been charged for their role in a scheme to smuggle U.S. military equipment and technology — including missiles — into China, according to the U.S. Justice Department.

President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House Press Secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.

Trump had earlier accused the Chinese side of having "TOTALLY VIOLATED" the Geneva agreement that had resulted in the U.S. and China both reducing their import tariffs by 115 perc

President Donald Trump and Chinese President Xi Jinping are expected to speak very soon, a senior White House official told CNBC.

China on Monday accused the United States of breaching the 90-day trade truce agreed by the world’s two largest economies, after President Donald Trump said it was Beijing that had “totally violated” the agreement.

"What China is doing is they are holding back products that are essential for the industrial supply chains of India, of Europe. And that is not what a reliable partner does," Bessent said in an interview with CBS' "Face the Nation.

Retailers like Macy's and Target are reducing reliance on China amid Trump's trade war, restructuring supply chains to mitigate tariff impacts and potential price hikes.

The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his latest threat or if he will put it on hold soon.