After months of silence between the leaders of the world’s two largest economies, the White House said a long-anticipated call between US President Donald Trump and Chinese President Xi Jinping will likely happen later this week.

The announcement comes as trade tensions between Washington and Beijing begin to flare up again, threatening to disrupt markets and global economic stability.

"The two leaders will likely talk this week," Press Secretary Karoline Leavitt told reporters outside the West Wing when asked whether Trump and Xi would speak.

The statement follows a renewed round of accusations from Trump, who claimed last week that China had violated a trade deal that prompted both countries to pause their tit-for-tat tariff hikes. Trump has not had any confirmed contact with Xi for more than five months since returning to the White House. This is despite his frequent claims that a call with his Chinese counterpart was imminent.

In an April interview with Time Magazine, Trump even said Xi had called him. However, Beijing denied that any such conversation had recently occurred.

Stock markets around the world dipped on Monday following the White House's comments and as concerns about renewed US-China trade friction spread among investors.

Earlier this April, Trump imposed sweeping global tariffs with China bearing the brunt. He accused several nations of “ripping off” the United States and contributing to massive trade imbalances. By the following month, negotiations in Geneva led to a 90-day agreement between Beijing and Washington to lower the steep tariffs both had slapped on each other.

That fragile truce now appears to be unraveling. Last week, top US officials claimed China was not upholding its end of the deal. Commerce Secretary Howard Lutnick accused Beijing of “slow-rolling” the agreement during an interview with Fox News Sunday.

China fired back on Monday, dismissing the US accusations as “bogus” and accusing Washington of introducing “a number of discriminatory restrictive measures.”

Tensions are not limited to China. Trump has also drawn the ire of other trade partners, including the European Union, by vowing to double global tariffs on steel and aluminum to 50 percent starting Wednesday.

As markets brace for further instability, all eyes are now on the potential Trump-Xi phone call, which could either de-escalate or further intensify the ongoing economic standoff.