Top U.S. and Chinese officials were meeting in London on Monday to try to defuse a trade dispute that has widened from tariffs to restrictions over rare earths, threatening a global supply chain shock and slower economic growth.

Trade talks between the US and China got underway this afternoon in London. The Trump administration is signaling a willingness to remove restrictions on exports imposed as part of its global trade war in exchange for assurances that China is easing limits on rare earth shipments.

A new round of trade negotiations between the United States and China has started in London, with both sides trying to preserve a fragile truce brokered last month.