The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

Trade talks between the US and China this week cemented a seismic change in Washington’s approach to the countries’ economic relationship: US export curbs, meant to keep sensitive technologies out of Beijing’s hands,

China returns to trade talks with the U.S. holding, from its view, a strong hand: Its economy is bearing up better than expected. And it has an ace card: rare earths.