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

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.”