Chinese leader Xi Jinping has not spoken to US President Donald Trump on the phone recently, Beijing said Monday, reiterating that no talks are taking place between the two countries to resolve their tariff war.

China's foreign ministry said on Monday the presidents of China the United States "didn't have a call recently," when asked about Donald Trump saying in an interview with Time magazine that Xi Jinping has called him.

Trump's erratic, and often confusing, rollout of tariffs has hit countries ranging from the largest U.S. trading partners, like Canada, Mexico and China. The result has been almost unprecedented market volatility and serious damage to investor trust in U.S. assets.