American and Chinese officials are meeting for a second day of trade talks in London to shore up a fragile truce over tariffs. Negotiations are expected to focus on Beijing's shipments of rare earths and Washington's restrictions on chip exports.

Trade talks between the US and China resumed on Tuesday, with talks stretching well into the evening in London. Commerce Secretary Howard Lutnick said the talks were progressing "really, really well," but that they could stretch into Wednesday as the sides iron out details.

Negotiators said the two governments would stick to a previous truce and reduce tensions that had escalated in recent weeks between the world’s largest economies.

Both countries are under pressure to relieve tensions, with the global economy under stress from Chinese control over the rare-earth mineral exports and investors anxious about Trump's tariffs.