US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides said they would now take the plan to their presidents - Donald Trump and Xi Jinping - for approval.

The outcome of U.S.-China trade talks in London could shape economic relations between the world's two largest economies and influence global supply chains.

China is three to six months behind the United States in artificial intelligence, White house AI and crypto czar David Sacks said Tuesday at an event in Washington, warning that excess U.S. AI regulation could damage American innovation in the industry.