US President Donald Trump said that Chinese President Xi Jinping had agreed to restart the flow of rare earth minerals and magnets to the United States.
Asked directly by a reporter aboard Air Force One on Friday whether Xi had agreed to do so, Trump replied: "Yes, he did."
He added: "We're very far advanced on the China deal."
On June 4, a group representing US auto suppliers urged immediate action to address China's restricted exports of rare earths, minerals and magnets, warning the issue could quickly disrupt auto parts production.
London meeting
Earlier, Trump announced that delegations from the US and China will meet in London next week for talks to resolve the ongoing bilateral trade war.
"I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal," Trump said on social media. "The meeting should go very well."
The announcement came a day after Trump spoke over the phone with Chinese President Xi Jinping for an hour and a half. Following the call, Trump said the conversation "resulted in a very positive conclusion for both Countries" as both nations seek to resolve an expansive trade dispute.
Trade negotiations between the US and China came to a halt shortly after a May 12 agreement between the world's top economies to lower tariff rates during discussions.
Under that deal, the US and China agreed to a 90-day suspension of most tariffs and a rollback of measures imposed since early April.
Each side has accused the other of violating the terms. Trump has claimed China failed to uphold the agreement, while Beijing on Monday rejected the allegations as "groundless" and warned of strong countermeasures to defend its economic interests.
