U.S. and China officials met in London Monday to defuse the trade war between the world's two largest economies. A key issue will be China's restrictions on exporting rare earth minerals, which are key to U.S. industries including auto manufacturing.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

The US and China reached a preliminary agreement to resolve trade disputes and resume rare earth metal supplies. Following negotiations in London, the deal awaits final approval from both presidents.