Trade talks between the US and China got underway this afternoon in London. The Trump administration is signaling a willingness to remove restrictions on exports imposed as part of its global trade war in exchange for assurances that China is easing limits on rare earth shipments.

While Donald Trump's wide-ranging taxes on imports face scrutiny in court, he has touted a new "deal" with China that will see tariffs against the country remain at historic levels. Here's what it will mean for you.