U.S. President Donald Trump announced that Chinese President Xi Jinping has agreed to resume rare earth mineral exports to the United States, signaling progress in trade negotiations. Trump indicated that talks with China are advancing,

U.S.-China tensions over rare earth minerals threaten smartphone production, risking higher costs and supply shortages.

Markets cheered in early May when the US and China agreed in Geneva to lower tariffs and other barriers. But after a few weeks, the shine started to come off that deal, with China accusing the US of violating it with new restrictions and the US saying China failed to honor promises on rare earths.