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.

As the U.S. and China finalized a trade agreement, Beijing pitched itself at the “Summer Davos” summit as an antidote to global economic “confusion and anxiety.”

The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners.