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.

A White House official says the June talks with China over certain aspects of trade with the U.S. have been formalized into an agreement. CBS News' Weijia Jiang reports.

Donald Trump and Xi Jinping have finally resolved a months-long trade dispute revolving the rare earth metals vital to developing artificial intelligence. That makes it all the more bizarre that the US President is opening the floodgates for an AI arms race with China.