WASHINGTON (REUTERS, AFP, BLOOMBERG) - US President Donald Trump said on Monday (July 1) that trade talks with China were under way by phone and any deal would need to be somewhat tilted in favour of the United States.

Mr Trump said a new round of trade talks with China already has begun after the two countries had been in a stalemate.

"It's already begun," Mr Trump told reporters at the White House when asked if trade negotiations had restarted. "They're speaking very much on the phone but they're also meeting."

"I think we have a good chance of making a deal," he Trump said.

He said he expected China's negotiating position to move closer to Washington's. Talks broke down in May after the United States accused China of backtracking on reform pledges.

Mr Trump said China has had a "big advantage" over the United States in trade for "many years."

"So obviously you can't make a 50-50 deal. It has to be a deal that is somewhat tilted to our advantage," Mr Trump said.

Mr Trump and Chinese President Xi Jinping agreed in a meeting on Saturday at a Group of 20 summit in Japan to restart trade talks after the last major round of negotiations collapsed in May.

The announcement reflected a truce in their trade war.

Mr Trump said he would hold off imposing an additional $300 billion in tariffs, and the world's two largest economies agreed to resume negotiations.

Mr Trump made the threat of more duties in May after he said China reneged on language that had previously been negotiated. It wasn't clear what concessions Mr Xi offered to get talks restarted.