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.

China has reported its exports to the United States fell 35% in May from a year earlier, straining the economy, as trade talks with Washington were due to start in London