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.

Before respite ends in August, Washington wants rare earth exports to resume, while Beijing seeks more organised dialogue with Trump team.

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

“The president likes to close these deals himself. He's the dealmaker. We're going to have deal after deal,” Commerce Secretary Howard Lutnick said.

China confirms details amid efforts to end tariff war, but questions remain over Trump’s global trade policy.

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.