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.

WASHINGTON (Reuters) - U.S. President Donald Trump said on Friday 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 whether Xi had agreed to do so, Trump replied: "Yes, he did."

In a rare high-stakes phone conversation on June 5, Trump and Chinese President Xi Jinping discussed the ongoing trade standoff and reached what Trump called a 'very productive' agreement on the flow of rare earth materials.

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy