The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

A White House official says the June talks with China over certain aspects of trade with the U.S. have been formalized into an agreement. CBS News' Weijia Jiang reports.

A deal could end months of uncertainty about tariffs on China, but questions still remain. Here's what it means for business owners.