China to allow US beef exports under new deal
Washington: A new trade deal will allow US beef and natural gas exports to flow into China while opening up the American market for cooked poultry and Chinese banks, Commerce Secretary Wilbur Ross announced here.
Under the agreement issued on Thursday, China will allow US beef exports to flow directly to the country for the first time since 2003, while Washington will take steps to authorise Chinese imports of cooked poultry into the country by July 16, CNN reported.
The US and China also agreed to open up US exports of liquefied natural gas to China, which could be a boon for both countries.
Commerce Secretary Ross said the initial agreement, which would also open up the Chinese market to US electronic payment services companies and help Chinese banks gain broader access to the American financial market, would help “bring down” Washington’s trade deficit with Beijing, though he did not provide a precise estimate.
Ross called the agreement a “herculean accomplishment” and argued the deal represented the biggest accomplishment in Washington-Beijing trade negotiations “in the whole history of US-China relations”.
Trump railed against that deficit during his campaign and vowed to reduce it as President.
While he floated drastic measures like imposing a tariff on Chinese imports, Trump has instead favoured bilateral negotiations thus far.