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.

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.”