WASHINGTON -- The United States and China have reached an agreement — again — to deescalate trade tensions. But details are scarce, and the latest pact leaves major issues between the world's two biggest economies unresolved.

The US economy shrank at an annualized 0.5% rate in the first quarter, while Chinese manufacturers, notably automakers, have seen profits slump.

The U.S. and China have agreed on the framework for a trade deal, both nations say. It appears that rare earth minerals are one key part of it.