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.

President Trump said China's Xi agreed to resume rare earth mineral exports to the U.S. after an April halt, marking progress in trade negotiations between the two countries.

Beijing has approved more export licenses for the critical minerals and magnets in recent days, but supplies remain scarce and factories in the West are running out.