Top U.S. and Chinese officials will resume trade talks for a second day in London on Tuesday, hoping to secure a breakthrough over export controls for goods such as rare earths that have threatened a global supply chain shock and slower economic growth.

Monday's U.S.-China trade talks could be about a lot more than just tariffs. U.S. and China officials met in London Monday to discuss trade, in what could be a de-escalation of the trade war between the world's two largest economies. The talks are likely to cover rare earth metals and other flashpoints.

Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements.