The U.S. and Chinese leaders are expected to speak this week. Trump will sign an order raising levies on steel and aluminum later today.

Global markets wavered Monday after Donald Trump on Friday pledged to double tariffs on imported steel and aluminium to 50% from Wednesday and accused China of violating a trade truce. Traders were also reacting to the latest data showing US manufacturing contracted for a third month in May.

President Donald Trump and Chinese President Xi Jinping are expected to speak very soon, a senior White House official told CNBC.

President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.

China has rejected President Donald Trump’s accusation that it violated a trade agreement recently announced in Geneva, Switzerland. On Monday, Chinese officials responded to comments Trump made over the weekend that accused Beijing of failing to meet the terms established in a deal reached last month.

China announced Monday that it rejects accusations made by the Trump administration that it has broken terms in regard to the recent trade deal made between the two nations.

China said on Monday that U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks were "groundless", and promised to take forceful measures to safeguard its interests.