US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earths and magnets being resolved. Both sides said they would now take the plan to their country's 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 Donald Trump held a long-awaited phone call Thursday with China’s Xi Jinping, a person familiar with the matter said, as the two leaders tussle over trade policy.