Professor of Economics and Public Policy at the University of Michigan Justin Wolfers joins Ana Cabrera in our new series "The Professor Is In" to break down the difference between trade agreement and trade deals as President Trump's tariffs cause turmoil with global trading partners.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.