US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides said they would now take the plan to their presidents - Donald Trump and Xi Jinping - for approval.

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.

President Trump railed against Xi Jinping in a late-night social media post days ahead of their planned call, complaining that the Chinese leader is “extremely hard to make a deal with” as trade talks stall.