President Donald Trump speaks to the media prior to departing on Marine One from the South Lawn of the White House in Washington, DC, May 14, 2019.

President Donald Trump said Monday that trade talks with China, which had stalled out in May, have "already begun" following his meeting with Chinese President Xi Jinping at the G-20 summit over the weekend.

The renewed talks were being held by phone, Trump told reporters in the Oval Office. The president added that any deal between the two economic superpowers would need to lean in the U.S.' favor.

"They're speaking very much on the phone but they're also meeting. Yeah, it's essentially already begun," Trump said. "It actually began before our meeting."

"It has to be better for us than for them because they had such a big advantage for so many years," Trump added.