Top officials from the United States and China said they had agreed on a "framework" to move forward on trade, after two days of high-level talks in London to resolve tensions.
US Commerce Secretary Howard Lutnick expressed optimism on Tuesday that concerns surrounding rare earth minerals and magnets "will be resolved" as the deal is implemented.
But the framework will need to be approved by leaders in Washington and Beijing, officials said after a full day of talks at the British capital's historic Lancaster House.
All eyes were on the outcomes of negotiations as both sides tried to overcome an impasse over export restrictions, with US officials earlier accusing Beijing of slow-walking approvals for shipments of rare earths.
The world's two biggest economies were also seeking a longer-lasting truce in their escalating tariff war, with levies reduced temporarily.
"We're moving as quickly as we can," US Trade Representative Jamieson Greer told reporters. "We feel positive about engaging with the Chinese."
Speaking separately to reporters, China International Trade Representative Li Chenggang said: "Our communication has been very professional, rational, in-depth and candid."
Li expressed hope that the progress made in London would help to boost trust on both sides.
Geneva deal
The meeting followed US President Donald Trump's phone conversation with Chinese President Xi Jinping last week, with Trump saying later that the conversation "resulted in a very positive conclusion for both countries."
The two sides are aiming to build on a May 12 deal struck in Geneva, when they agreed to a 90-day suspension of most duties and to roll back measures imposed since early April after Trump announced "reciprocal" tariffs on US trading partners.
The two sides have accused each other of breaching their deal in recent weeks.
