China will open its market to United States credit rating agencies and credit card companies as well as resume imports of U.S. beef, part of a package hailed by the Trump administration as the first step in redefining the trade relationship between the world's two largest economies.
Under the agreement, the United States is inviting Chinese companies to import USA -produced liquefied natural gas. Mr. Ross gave these details to the reporters at White House.
In turn, China will be able to send cooked poultry to the US once the two sides resolve "outstanding issues" - mostly related to concerns over safety and hygiene.
The agreement, which grew out of a 100-day action plan announced during an April meeting between President Donald Trump and Chinese President Xi Jinping, reflects daily negotiations with officials in China, Ross said. -China trade talks to concerns over North Korea's nuclear ambitions, urging Beijing to exert more pressure on Pyongyang.
China and the USA had previously committed to more market access on most of these trade issues over the years but implementation had been repeatedly delayed.
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"Past foot-dragging means we won't celebrate until these promises are executed", Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, told Reuters, adding, "This should have been done years ago when it would have made a difference.
We will continue to move forward", Chinese Vice Finance Minister Zhu Guangyao told a Beijing media briefing. "The more beef we can export ... will certainly have a positive effect on cattle prices funneled all the way down to North Dakota feeder calves".
MasterCard welcomed the announcement, saying it looked forward "to having full and prompt market access in China".
Japan and the USA also held economic talks last month in Tokyo. "This signals to the world that China and the U.S. are coming together for joint development".
In financial services, China said it would begin allowing wholly foreign-owned financial groups to offer credit rating services in China by July 16. "But, now we're opening it up that there could be even long-term contracts to supply China".
Approval still would be needed for China and there's now little infrastructure along US coastlines to allow for overseas gas shipments.
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Trump lashed out at Beijing throughout his presidential campaign, vowing to crack down on trade policies that he deemed hurt American workers.
The United States is fast becoming a major LNG exporter, though few of its export cargoes to date have been shipped to China.
The U.S. exported between $68.4 billion and $385 billion in digitally-enabled services in 2014, depending on how those services are measured, resulting in an up to $154 billion trade surplus in this area, according to data from the U.S. Bureau of Economic Analysis. American Express Co. shares were down 0.6 percent.
NORTHAM: There may be more progress when negotiators from the USA and China meet again this summer to continue work on trade issues. The United States has pressured China for years to allow beef imports, but the process has been constantly delayed. As a result, economic benefits to USA energy companies would not immediately materialize, said Jake Parker, vice president of the U.S. "China relations on trade".
China is ready to start importing United States beef for the first time in 14 years, following last month's trade talks between president Donald Trump and Chinese premier Xi Jinping at Trump's Florida beach resort. "The two sides chose to press ahead with this economic plan and the fact that much progress has been made in a short amount of time shows. we can establish more cooperation for the joint benefit of the people", he said.
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