A sweeping trade agreement, ranging from banking to beef, has been reached between Washington and Beijing, the U.S. Commerce Department announced on Thursday.
“Success in this arena will drive the U.S. cattle market and increase demand for U.S. beef” in China, association president Kenny Graner told VOA.
The United States Cattlemen’s Association applauded the agreement, saying market access to China is crucial for its members.
Another significant breakthrough will see American liquefied natural gas (LNG) going to China.
“There are probably 500 items you could potentially discuss” in the wider one-year plan for bilateral trade, Ross added.
Also in the plan, China agreed to allow foreign-owned firms to provide credit ratings by July 16.
The U.S. reached agreement with China to promote market access for American natural gas, financial services and beef that Commerce Secretary Wilbur Ross said was part of a broader effort to begin reshaping the trade relationship between the world’s two largest economies.
Still, they represented the first negotiated pact on trade for Trump, who campaigned on promises to get tough on China on trade before softening his tone as he’s sought cooperation on North Korea.
The statement didn’t appear to change access for Chinese companies to U.S. natural gas exports, but welcomed China to receive shipments and engage in long-term supply contracts with American suppliers.
The U.S. brought a case against China on its electronic payment services market in 2010.
U.S. Strikes China Trade Deals but Leaves Major Issues Untouched
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Mr. Trump criticized China’s trade practices both before and after the election, saying China was benefiting at the expense of American workers.
He predicted that Trump administration policies would start to narrow the United States’ trade deficit with China, which is equal to more than half of the nation’s overall trade deficit.
Advertisement Continue reading the main storyCommerce Secretary Wilbur Ross praised the deals for providing specific dates for China to act on trade pledges it has made repeatedly but not fulfilled.
The Trump administration has since moderated its language, with Mr. Trump suggesting that China could strike better trade terms if it helped the United States contain North Korea’s nuclear ambitions.