Hong Kong CNN —

A new round of trade negotiations between the United States and China is set to begin Monday in London as both sides try to preserve a fragile truce brokered last month.

The fresh talks were announced last week after a long-anticipated phone call between US President Donald Trump and Chinese leader Xi Jinping, which appeared to ease tensions that erupted over the past month following a surprise agreement in Geneva.

In May, the two sides agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period. The mood was upbeat. However, sentiment soured quickly over two major sticking points: China’s control over so-called rare earths minerals and its access to semiconductor technology originating from the US.

Beijing’s exports of rare earths

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