The only scenario in which China might deregulate its critical minerals export is if the U.S. fully removes tariffs imposed on Chinese goods as part of the trade war, said Wang Yiwei, a professor of international affairs at Renmin University, echoing the Chinese government’s earlier stance.

By Katya Golubkova and Trixie Yap (Reuters) -Oil prices softened on Wednesday as markets assessed the outcome of U.S.-China trade talks, yet to be reviewed by President Donald Trump, with weak oil demand from China and OPEC+ production increases weighing on the market.

US stock futures wavered as Wall Street digested the latest progress on US-China trade negotiations and braced for the release of the May inflation report.

China has a virtual monopoly on those 17 metallic elements, which are critical components to everyday products from cars to jet engines to electronics like smartphones and flat-screen TVs. They’re even crucial for the contrast dye used in MRI machines and some cancer drugs.

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.

Trade talks between the US and China resumed on Tuesday after six hours of discussions between top officials in London on Monday. Tuesday's talks are expected to continue to focus on easing tensions over rare earths and tech.

Officials from both sides are set to talk on Monday in London, aiming to resolve differences over tariffs and supply chains that have endangered a fragile truce between the countries.