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 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.

China is willing to work with Australia to further tap the potential of their free trade agreement, Commerce Minister Wang Wentao told a forum marking the 10th anniversary of the pact, according to the Chinese commerce ministry on Wednesday.