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White House: Trump and Xi likely to talk this week

President Donald Trump and Chinese President Xi Jinping are expected to speak this week. A senior White House official told CNBC. White House press secretary Karoline Leavitt later confirmed the information.

The planned conversation comes after increased tensions between Washington and Beijing. Last week, both countries accused each other of violating the tariff agreement signed in Geneva just a few weeks ago.

The leaders could "very soon" talk to each other, but probably not today, said the official, who spoke on condition of anonymity.

Analyst: Europe should counter Trump's steel tariffs

Europe should reciprocate before Donald Trump's doubled steel tariffs of 50 percent take effect on Wednesday. This is what Handelsbanken's commodity analyst Christian Kopfer told EFN.

According to him, steel is produced in China at levels that are not sustainable from a market economy perspective from the point of view of the US and Europe.

- I am not in favor of trade barriers or tariffs in general, but something must be done to stop this, he says.

Trump: Bring your best proposals by Wednesday

The Trump administration wants countries participating in ongoing trade negotiations to submit their best offers by Wednesday. This is shown in a draft letter from the US Trade Representative, according to Reuters.

The aim is to speed up the negotiations before the 90-day tariff break expires on July 8. The administration is asking for concrete offers on tariff and quota levels, among other things.

According to the draft, the US will evaluate the responses within a few days and propose a possible intermediate position for an agreement.

Wall Street strengthened significantly in connection with Reuters' publication.