President Donald Trump and Chinese President Xi Jinping are expected to speak very soon, a senior White House official told CNBC.

Donald Trump and China's President Xi Jinping will likely hold a call later this week as tensions between the world's two biggest economies ratchet back up.

Chinese export controls on rare earths was a very significant sticking point, Hassett said. With China controlling most of the global rare earth and magnet supply, its restrictions on sending those to the U.