Trade talks between the US and China got underway this afternoon in London. The Trump administration is signaling a willingness to remove restrictions on exports imposed as part of its global trade war in exchange for assurances that China is easing limits on rare earth shipments.

Top U.S. and Chinese officials were meeting in London on Monday to try to defuse a trade dispute that has widened from tariffs to restrictions over rare earths, threatening a global supply chain shock and slower economic growth.