The United States and China also agreed to open up U.S. exports of liquefied natural gas to China, which could be a boon for both countries. But Mr Ross told reporters that it "will help us to bring down the deficit".
The deal also admits the US market for China's cooked poultry, potentially affecting American poultry producers, but the White House is not anxious about it.
Initial reaction on the US stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing. -China trade talks to concerns over North Korea's nuclear ambitions, urging Beijing to exert more pressure on Pyongyang. No such huge trade agreement has been ever done with China by the country before, as per Mr. Ross.
"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".
The idea of the USA attending the belt and road summit came from the American side, finance vice-minister Zhu Guangyao said. Both sides also identified other issues that will require significant effort to resolve and achieve progress on within the 100-day period, the US Department of Commerce said in a statement.
Uden: "Regaining access to the market in China has been a long priority for cattlemen, NCBA and members in particular".
Tyson Foods Inc, Cargill Inc and JBS are among the biggest exporters of US meat. After a World Trade Organization panel ruled against it in 2012, China issued new industry guidelines in 2015 that it said would clear the way for foreign firms.
In financial services, China said it would begin allowing wholly foreign-owned financial groups to offer credit rating services in China by July 16.
Approval still would be needed for China and there's now little infrastructure along USA coastlines to allow for overseas gas shipments. "Beef producers in North Dakota and the nation are thankful to the Trump administration for making restoration of USA beef market access in China a priority".
That would be a tall order, given a history that encompasses President Richard Nixon's 1972 visit to China, which ended a two-decade freeze between the two countries and laid the groundwork for the United States' largest trading relationship. U.S. American Express Co. shares were down 0.6 percent.
However, he's optimistic about the future now that a new trade deal has been reached.
The US Meat Exporters Forum welcomed the high level agreement to allow US beef to re-enter the Chinese market. Those projects need to secure long-term supply agreements to underpin their financing before construction can begin. Secretary of Commerce Wilbur Ross heralded the deal as a "herculean accomplishment". Ross said coming trade negotiations will touch on at least 500 points.
Tyson Foods, Pilgrim's Pride and Sanderson Farms are the top three USA chicken producers. "China relations on trade".
The president celebrated news of the deal by tweeting: "China just agreed that the USA will be allowed to sell beef, and other major products, into China once again.
Chinese consumers are becoming more sophisticated, Sun said, prompting restaurants to seek out and use more tender cuts of Chinese beef.
The agreement also calls for China to issue bond underwriting and settlement licenses to two qualified US financial institutions by July 16.