Trump struck a positive tone in announcing the call earlier on Tuesday, calling Xi "my friend" and pledging in a post on Twitter that "good things will happen" on trade.
China's Foreign Ministry said that a planned visit by President Xi Jinping's top economic adviser, Liu He, to Washington next week shows the US hopes to "reach a consensus" with Beijing on trade and economic issues.
"We are working on something that we think will be great for everybody", she told reporters.
The tariff threats have roiled US and other stock markets in recent weeks amid fears that a trade war between the two economic powerhouses will hit global markets.
Healthy China-US business ties will not only bring benefits to both countries, but also to economies in the Asia-Pacific region and the world, said Jiang Shan, former director-general of the Ministry of Commerce's Department of American and Oceanian Affairs.
Trump wants China to cut its annual trade surplus with the U.S.by at least $200 billion by the end of 2020 and refrain from retaliation against proposed USA tariffs.
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This compilation image shows AFP file photos of U.S. President Donald Trump (L) and Chinese President Xi Jinping.
Vice Premier Liu He - considered Xi's right-hand man on economic issues - is due in Washington next week after he led talks in Beijing last week with a high-level United States delegation that made little headway in resolving the standoff.
In April, the trade surplus with the US swelled to $22.2 billion, up from $15.4 in March and the first increase since November, as exports to the USA grew at a double digit pace.
President Donald Trump was briefed Monday morning by members of the USA delegation led by Treasury Secretary Steven Mnuchin, who returned to Washington on the weekend from a two-day visit to China, White House spokeswoman Sarah Huckabee Sanders told reporters on Monday.
Following May 22, the U.S. Trade agent can, by law, execute the tariffs on £ 50 billion in services and products it outlined in overdue March.