The conversation is confirmed in a brief statement from the Chinese state news agency New China, while Trump commented on Truth Social.
He claims that the conversation with Xi has led to "very positive results" and that the trade delegations of the two countries will meet soon.
In a statement from Beijing and state-controlled media, Xi was more harsh in tone than what Trump let be known.
Correction of route
"Correction of the direction for the great ship that constitutes the Sino-American relations requires that we steer well and determine the direction that avoids disturbances and destruction," wrote the state news agency New China in a statement referring to Xi's comment in the conversation.
At the same time, the two leaders are said to have opened up for a personal meeting. Xi invited the Trump couple to visit China. Trump replied by inviting Xi and his wife.
The conversation with Xi was requested by Trump, according to American sources, and follows on from escalating conflicts over tariffs and student visas for Chinese students in the US.
According to Trump, the leaders did not discuss Iran or the war in Ukraine.
"I like China's President Xi, I have always done so," President Trump has written on his social media platform, but added - in capital letters - that Xi is "very tough and extremely difficult to get an agreement with."
Since the two leaders last spoke to each other, according to official sources, was on January 17 and before Trump was sworn in for his second term. The last time Xi and Trump met face to face was in Osaka, Japan in June 2019.
Mutual accusations
Negotiations on tariffs and other trade issues would have begun after an agreement on reduced tariffs on May 12. But the negotiations stalled. A requirement is that tariffs must be lowered first for talks to be resumed.
The Trump administration has previously chosen to shockingly raise the tariff level to 145 percent. China's response was to raise tariffs against the US to 125 percent. The two parties chose on May 12 to pause the high tariffs and start negotiations during a 90-day period.
Trump has previously accused Beijing of breaking the agreed-upon agreement, which Beijing has denied. China said in turn that the US undermined the negotiations.