The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said.
However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the USA was "not on the cusp of a deal".
"He wants to do it", Trump said of Xi.
China appreciates the historic meeting between President Trump and Kim Jong Un, top leader of the Democratic People's Republic of Korea (DPRK), which promotes denuclearization of the Korean Peninsula and the political settlement of the Korean Peninsula issue, said Xi.
He added he is less optimistic than he was about trade negotiations with China.
Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation.
Bloomberg reported on Friday that Trump wants to reach a trade agreement with China at the G20 meeting.
Trump sounded very optimistic about reaching a trade deal with China, or else, he warned, he was ready to impose a trade tariff of 25 per cent on another Dollars 267 billion worth of Chinese products.
He adds that any deal reached must be "fair".
Legal decisions and a racist robocall in Georgia governor's race
Abrams is locked in a tight race with Republican Brian Kemp as she tries to become the nation's first black female governor . After Thursday's dueling outsiders, former president Barack Obama will follow on Friday for Abrams.
A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from United States semiconductor company Micron Technology Inc.
In the telephone conversation held at the invitation of Trump, Xi said he is glad to talk with Trump over phone.
Officials are working to resolve differences ahead of upcoming talks between President Trump and his Chinese counterpart Xi Jinping. It also fuelled speculation that Chinese Vice-Premier Liu He's trip to the U.S., which had originally been scheduled for September but was cancelled due to the escalation of the trade dispute, might be back in the cards. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina".
Earlier on Thursday, Chinese Premier Li Keqiang told a group of visiting U.S. politicians that China and the United States could overcome their differences and get relations back on track if they worked together in a spirit of mutual respect.
On Thursday, a delegation of Republican senators discussed bilateral relations with Chinese Premier Li Keqiang in Beijing.
Trump has long threatened to impose tariffs on all $500 billion-plus goods that the United States imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access.
"We are literally the hottest country in the world, economically, and it's a great thing to see".
A Chinese state-owned company was charged on Thursday with stealing technology from USA chipmaker Micron Technology Inc., part of a Justice Department crackdown against China in cases of suspected economic espionage.