The U.S. and China have reached an agreement on trade, representatives from both sides said after a second day of high-level talks in London, with the deal now awaiting a nod from the leaders of the two countries.

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.

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.