"President Trump looks forward to exchanging views on deepening the bilateral ties between the United States and Sweden, with a focus on trade and investment between our two countries," the White House statement said.
The two leaders will also discuss security issues and shared defense goals, it said.
Sweden and Finland have expressed concerns in recent months about the military buildup in neighboring Russia.
The two countries take part in NATO military exercises, but they are not covered by Article V of NATO's foundational treaty, which says an attack on one member is an attack on all. Both countries know any move to join the alliance would create a backlash in Moscow, which opposes any expansion of the North Atlantic Treaty Organization.
Trump has been a frequent critic of NATO, accusing member countries of not spending enough on defense and of owing "massive amounts of money" to the United States and NATO.
Finland, Sweden, Denmark, Norway and Iceland agreed in November to step up defense cooperation and exchange more air surveillance information, part of a broader effort to build up their defenses to counter Russian activities.