China, US seal trade deal as ties warm

President Xi of China with President Trump in Mar-a-Lago. Mr Trump has described the Chinese leader as a good manJIM WATSON  Getty

President Xi of China with President Trump in Mar-a-Lago. Mr Trump has described the Chinese leader as a good manJIM WATSON Getty

"I have a new boss who's very demanding that things get done on time", Commerce Secretary Wilbur Ross told CNBC. Ross said coming trade negotiations will touch on at least 500 points.

China, one of the world's largest importers of beef, has been closed to USA producers for 13 years after mad cow disease was found in some Washington cattle.

Regaining access to China, the world's most populous country with 1.4 billion people, has been a key goal of American cattle farmers.

As part of the deal, the US agreed to start taking imports of cooked poultry by July 16, and the USA will be able to export liquefied natural gas to China.

China will also give permission to wholly foreign-owned financial services firms to provide credit-rating services in the Asian giant.

"We believe that Sino-US economic cooperation is the trend of the times..."

In Beijing, Vice Finance Minister Zhu Guangyao told reporters that the early results of the agreement showed that economic collaboration between the two sides "couldn't be closer".

Jordan Dux, Nebraska Farm Bureau's director of National Affairs, saw the move as a sign Trump is paying attention to agriculture's calls for expanding world markets and a positive turnabout in what has been a rocky relationship between the president and agriculture when it comes to issues of trade.

But it is the latest sign that the United States president is adopting a less confrontational approach with Beijing.

Mr Ross denied suggestions that the deal is linked to U.S. pressure on China to use its economic leverage to get North Korea to give up its nuclear weapons programme.

On the campaign trail, President Trump accused China of rigging their currency and being untrustworthy, but Ross says the deal will hold them accountable. But the two sides have been finding common ground on North Korea, and now they are deepening economic ties as well.

However, while the two largest economies in the world agreed to a number of new steps to be taken before July 16, it is still not clear if the new deals will increase trade over the short-term.

"Past foot-dragging means we won't celebrate until these promises are executed", Gibbs said, calling the opening in the electronic payments market "mainly symbolic". "This should have been done years ago when it would have made a difference". With just one more round of technical consultations between the USA and China, American beef will once again be China-bound.

"China can buy more. clean energy from the USA, and China can mean a lot of business for the U.S. - just think about soybeans, cotton and aircraft". Following one more round of technical consultations, beef exports from the China will begin as soon as possible, but no later than July 16. The deal fully lifts the Chinese ban on USA beef enacted due to fears of mad cow disease. "In a state where there are nearly three times as many cattle as people, opening Chinese markets to Montana beef is essential to our state's No. 1 economic driver: agriculture". China's UnionPay system has had a near monopoly for card payment services. The Commerce Department release states, "This should lead to full and prompt market access".

China has banned USA poultry imports since the United States suffered its worst-ever outbreak of avian flu in 2015.

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