President Donald Trump says his first conversation with Chinese leader Xi Jinping since returning to the White House had a “very positive conclusion," announcing the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals.

Mr. Trump said in a post on Truth Social that his call with Xi Jinping, China’s top leader, had focused entirely on the trade relationship between the nations, which has soured in recent months in a dispute over the export of critical minerals used in an array of industries.