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