Washington and Beijing have signed a trade agreement that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production.

The statement came after U.S. President Donald Trump said that both sides had signed a trade deal, without providing further details.

WASHINGTON (Reuters) -The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the U.S., Treasury Secretary Scott Bessent said on Friday, ironing out a dispute that stalled a deal reached in May.

The U.S. and China have further confirmed the details of the trade agreement reached by both sides earlier this month in London, which will implement the Geneva consensus, the Chinese Ministry of Commerce said.

The statement came after U.S. President Donald Trump said that both sides had signed a trade deal, without providing further details.

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.