Trade ties appeared to have stabilised in June after U.S. and Chinese negotiators agreed to revive a fragile truce reached during talks in Geneva in May. The agreement had been strained before the talks by a series of export controls that disrupted supply chains for key industries on both sides of the Pacific.

China's rare earths exports rose 32 per cent in June from May, according to customs data, suggesting that recent agreements to ease the flow of these critical metals may be showing results