#USChinaTradeTalks Beijing’s exports of rare earths and their related magnets are expected to take center stage Monday at the London meeting. A person familiar with the matter told CNN the US-China talks were underway. China’s official news agency Xinhua also reported the start of the discussions.

Experts say Beijing is unlikely to give up its strategic grip over the essential minerals, which are needed in a wide range of electronics, vehicles and defense systems.

“China’s control over rare earth supply has become a calibrated yet assertive tool for strategic influence,” Robin Xing, Morgan Stanley’s chief China economist, wrote in a Monday research note. “Its near-monopoly of the supply chain means rare earths will remain a significant bargaining chip in trade negotiations.”