Delegates from the United States and China are set to meet Monday in London after a phone call between the nations' leaders seemingly led to a cooling of tensions related to their otherwise heated recent trade dispute.

In the latest edition of WSJ’s Take On the Week podcast, we look at why rare-earth magnets are at the center of U.S. trade talks with China. We also take a look at inflation ahead of this week’s consumer-price index report,

China’s Commerce Ministry said over the weekend that it had approved some export licenses for rare-earth-related products, a move seen as a goodwill gesture.