Busan, Oct. 30 -- US President Donald Trump on Thursday announced that the long-standing dispute over China's rare earth exports has been "settled," marking a key breakthrough in easing trade tensions between Washington and Beijing.

Speaking to reporters aboard Air Force One following his meeting with Chinese President Xi Jinping in South Korea, Trump said, "All of the rare earth has been settled, and that's for the world."

He added, "That roadblock is gone now... There's no roadblock at all on rare earth. That will hopefully disappear from our vocabulary for a little while," noting that the US would continue its purchase and production of these critical materials.

China holds a near monopoly on the global supply of rare earth elements...