US, China Trade Officials To Meet In London For Talks Following Trump's 'Very Good Call' With Xi Jinping

Officials from the U.S. and Chinese governments are all set to meet in London on Monday to engage in talks to resolve trade disputes between the world's top two economies.

National Economic Council Director Kevin Hassett told CNBC that the Trump administration was seeking confirmation from China that it would restore access to critical rare-earth minerals.

“The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes... and get this thing behind us,” Hassett said, according to the report.

This comes after China's export controls on rare earth minerals sparked concerns among industry executives, especially among those in the auto sector, according to a Reuters report.

“Our expectation is that... immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters,” Hassett added.

Earlier on Saturday, the Chinese foreign ministry said Vice Premier He Lifeng would be in the U.K. between June 8 and June 13 to lead trade negotiations.

This comes after President Trump had a one-on-one call with his Chinese counterpart, Xi Jinping, to discuss the ongoing trade dispute.

Trump said the call was“very good,” adding that it resulted in a“very positive conclusion for both Countries.” He added that the two sides reviewed the“intricacies” of their recently finalized trade agreement.

“There should no longer be any questions respecting the complexity of Rare Earth products,” he wrote in a post on Truth Social.

Trump had earlier said Xi is“extremely hard to make a deal with,” just days after accusing China of failing to uphold commitments to ease tariffs and trade restrictions.

Meanwhile, markets were marginally up ahead of the U.S.-China trade talks. The SPDR S & P 500 ETF (SPY), which tracks the S & P 500 index, was up 0.07%.

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