President Donald Trump claimed Monday that renewed trade talks between the U.S. and China have already begun.

Trump told reporters in the Oval office that "it's essentially already begun," adding "they're speaking very much on the phone but they're also meeting."

U.S. stocks soared Monday on the first day of trading since Trump backed off from a ban on U.S. companies doing business with Chinese telecom giant Huawei and from additional tariffs on imports from China, following a meeting with Chinese Premiere Xi Jinping at the G-20 summit in Japan.

Trump said any trade deal with China "has to better for us than for them" because China has had trade advantages over the U.S. for a long time.

Separately Monday, the Office of the U.S. Trade Representative proposed tariffs on an additional $4 billion in goods as part of an ongoing dispute over European Union aircraft subsidies. 

Over on Real Money, Jim Cramer dissects the Trump-Xi trade-war truce, including Huawei sanctions, cloud technology, the Internet of Things, and more. Get more of his analysis and a free trial subscription to Real Money.

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