US President Donald Trump said Chinese leader Xi Jinping has agreed to restart the flow of crucial rare earth materials, after announcing a new round of US-China trade talks will be held in London on Monday.

President Trump announced that President Xi Jinping has agreed to resume the flow of rare earth minerals and magnets to the United States, potentially easing trade tensions. This follows a recent call between the leaders and temporary export licenses granted to U.

China refines over 92% of the world's rare earth minerals, while mining 60% of the same, asserting a global dominance in the rare earth minerals and magnets front. Check why rare earths are important for the Chinese economy.