UPDATE 1- says any China trade deal would need to be somewhat tilted in U.S. favor

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WASHINGTON, July 1 (Reuters) - President Donald said on Monday that trade talks with China were under way and any deal would need to be somewhat tilted in favor of the United States.

and Chinese President Xi Jinping agreed in a meeting on Saturday at a Group of 20 summit in Japan to restart trade talks after the last major round of negotiations collapsed in May.

told reporters on Monday that U.S. and Chinese negotiators were "speaking very much on phone but they are also meeting. It essentially has already begun."

"I think we have a good chance of making a deal," said.

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He said he expected China's negotiating position to move closer to Washington's. Talks broke down in May after the United States accused China of backtracking on reform pledges.

said China has had a "big advantage" over the United States in trade for "many years."

"So obviously you can't make a 50-50 deal. It has to be a deal that is somewhat tilted to our advantage," said. (Reporting by Jeff Mason; Writing by Eric Beech; Editing by Mohammad Zargham and Sandra Maler)

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