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.

News of the call came as new data showed U.S. goods imports dropped significantly in April as sweeping tariffs rolled out.

China refines over 92% of the world's rare earth minerals, while mining 60% of the same, asserting a global dominance in the rare earth minerals and magnets front. Check why rare earths are important for the Chinese economy.