U.S. President Donald Trump's top trade officials are meeting their Chinese counterparts in London on Monday for talks aimed at resolving an ongoing trade dispute between the world's two largest economies.

U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are representing the U.S.

China's Foreign Ministry said Saturday that Vice Premier He Lifeng, Beijing's lead trade negotiator, will be in the U.K. between June 8-13, and that a meeting of the "China-U.S. economic and trade consultation mechanism" would take place.

National Economic Council Director Kevin Hassett on Monday told CNBC's "Squawk Box" that the U.S. was seeking confirmation China would restore the flows of critical minerals.

"The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes ... and get this thing behind us," Hassett said.

He added that he expected it "to be a short meeting with a big, strong handshake."

"Our expectation is that ... immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters," Hassett said.

The talks come after Trump last week said he had held a lengthy phone call with Chinese President Xi Jinping as both look to avert a full-blown trade war.

Diplomatic efforts by both sides have ramped up after weeks of heightened trade tension and uncertainty after Trump announced sweeping import tariffs on China and other trading partners in April.

Source : CNBC