China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms.

Beijing has approved more export licenses for the critical minerals and magnets in recent days, but supplies remain scarce and factories in the West are running out.

President Donald Trump says his first conversation with Chinese leader Xi Jinping since returning to the White House had a “very positive conclusion," announcing the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals.