WASHINGTON – President Donald Trump will meet with Chinese President Xi Jinping and Russian President Vladimir Putin when world leaders gather in Japan next month for the annual G-20 conclave, the president said Monday.

Trump's announcement comes amid an escalating trade war with China that has roiled markets as both the U.S. and Beijing have upped tariffs on each other's products. After trade talks fell apart last week, Trump raised tariffs on $200 billion in Chinese goods.

"I'll meet with them directly," Trump told reporters in the Oval Office.

Trump was widely criticized by members of his own party for his last formal meeting with Putin last year, in which the president contradicted his own intelligence officials by saying he saw no reason to believe Russia tried to influence the 2016 election. The president later sought to walk the comment back, saying he meant to say he saw no reason why they wouldn't have attempted to meddle in the election.

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The White House cancelled Trump's meeting with Putin at last year's G-20 in Buenos Aires, but the two met informally following a dinner. This year's G-20 will take place in Osaka, Japan, in late June.

China announced on Monday that it would slap tariffs on more than 5,000 U.S. products in retaliation for Trump’s decision to raise duties on Chinese goods.

China’s Ministry of Finance said the new tariffs would impact $60 billion in U.S. imports and would range from 5% to 25%. The tariffs will take effect June 1, which would give the two sides time to resume trade negotiations if they choose.

Trump told reporters he was fine with China taking some retaliatory action as long as it doesn't breach an unspecified level. Trump insisted the U.S. will be taking in "tens of billions of dollars" from tariffs, although economists say the costs will be passed onto consumers in the form of higher prices.

China responds:China slaps tariffs on $60 billion in U.S. imports

“I love the position we’re in,” Trump said. “I think it’s working out really well.”