The US has reached a new trade agreement with China under which all Chinese imports will face a 55% tariff, while American exports to China will be subject to a reduced 10% tariff. This was the result of two days of talks between diplomats from the two nations in London.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

Officials from the U.S. and China are meeting in London this week to iron out details of a deal that would lower Donald Trump’s levies on imports.