U.S. President Donald Trump said on Friday that Chinese President Xi Jinping agreed to let rare earth minerals and magnets flow to the United States, a move that could lower tensions between the world's biggest economies. Asked by a reporter aboard Air Force One whether Xi had agreed to do so, Trump replied: "Yes, he did."

China views its rare earths as a national security issue, not a trade one, and that’s why Beijing is unlikely to loosen controls any time soon, experts say.

President Donald Trump has vented his frustration with China's President Xi Jinping, as the trade conflict flares again, despite an agreement in Geneva to slash tariffs and work constructively to resolve key differences.