The United States and China have reached a trade deal, China's Commerce Ministry confirmed in a statement on Friday.

The deal involves loosening exports of rare earths to the United States and the lifting of some restrictions on U.S. goods to China, China’s Ministry of Commerce said.

The U.S. 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.