After criticising China during the 2016 presidential campaign, Trump repeatedly praised Xi during his first year in office and the pair have had frequent conversations.
The White House said that Trump "expressed disappointment" that the trade deficit with China continued to grow and that he told Xi that it was "not sustainable".
According to the official Chinese press, Xi insisted during the call that all parties must join efforts to capitalize on advances on the Korean peninsula and create the conditions for resuming diplomatic negotiations.
During 's first year in office, the USA trade deficit with China grew by about 7 percent.
They "expressed hope that it might prompt a change in North Korea's destructive behavior", the White House said in a statement.
In late December, Trump called economic competitiveness a matter of national security, insisting he would fight for more equitable trade with China.
United States President Donald Trump has told the Chinese President Xi Jinping that the growing US trade deficit with Beijing "is not sustainable".
"The two countries should adopt constructive means to properly settle economic and trade issue of mutual concern through opening up markets to each other and making the cake of cooperation bigger", Xinhua quoted Xi as saying.
During the dialogue held at the South Korean side of the Panmunjom demilitarized zone, the Democratic People's Republic of Korea (DPRK) said it will send athletes to the upcoming Winter Olympic Games in PyeongChang, South Korea, in February.