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.

China holds a near monopoly on the global supply of rare earths — metallic elements essential to both civilian and military applications.

Trump, speaking to reporters before a performance of "Les Miserables" at the Kennedy Center, said trade negotiations were continuing with about 15 countries, including South Korea, Japan and the Euro...