US President Donald Trump said on Thursday that he wants to restart nuclear arms control talks with Russia and China and that eventually he hopes all three countries could agree to cut their massive defence budgets in half.

Speaking to reporters in the Oval Office, Trump lamented the hundreds of billions of dollars being invested in rebuilding the nation's nuclear deterrent and said he hoped to gain commitments from Russia and China to cut their own spending.

“There’s no reason for us to be building brand new nuclear weapons, we already have so many,” Trump said. “You could destroy the world 50 times over, 100 times over. And here we are building new nuclear weapons, and they’re building nuclear weapons.”

“We’re all spending a lot of money that we could be spending on other things that are actually, hopefully much more productive," Trump said.

He said if the weapons were ever called to use, “that’s going to be probably oblivion.”

Trump said he would look to engage in nuclear talks with the two countries once “we straighten it all out" in the Middle East and Ukraine.

“One of the first meetings I want to have is with President Xi of China, President Putin of Russia. And I want to say, ‘let’s cut our military budget in half.’ And we can do that. And I think we’ll be able to.” (Agencies)