US leader Donald Trump on announced on Friday a new round of trade talks with China in London next week, a day after calling President Xi Jinping in a bid to end a bitter battle over tariffs.

The talks in the British capital on Monday will mark the second round of such negotiations between the world's two biggest economies since Trump launched his trade war this year.

"The meeting should go very well," said Trump in a post on his Truth Social platform.

He added that US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in the talks, but provided no more details.

It was not immediately clear who would represent China. The Chinese embassy in Washington did not immediately respond to a request for comment.

Speaking to reporters on Air Force One on Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the US which China had slowed, threatening a range of US manufacturers that relied on the critical materials. The was no immediate confirmation from Beijing.

The Thursday conversation between Xi and Trump lasted about an hour and a half, according to the US president. China's foreign ministry has said Trump initiated the call.

The ministry said Xi asked Trump to “remove the negative measures” that the US has taken against China. It also said that Trump said “the US loves to have Chinese students coming to study in America,” although his administration has vowed to revoke some of their visas. (Agencies)