Trump administration praises deal expanding trade with China

Chinese President Xi Jinping left smiles at U.S. President Donald Trump as they pose together with their wives for

Beijing cast the plan as an illustration of its willingness to further open its own markets, rather than a concession to Washington's pressure to narrow China's $347 billion trade deficit with the U.S.

"This will help us to bring down the deficit for sure".

In November 2014, the Agriculture Department gave four Chinese companies approval to import cooked poultry products to the United States.

Foreign-owned firms will also be able to provide credit rating services in China. "High-quality beef is in high demand in China, so the deal has great potential for both our businesses and the US economy as a whole".

Chinese Vice Finance Minister Zhu Guangyao, speaking at a briefing in Beijing to announce the agreements, deflected questions about details, repeatedly describing the measures as "balanced".

"The United States treats China no less favourably than other non-FTA trade partners with regard to LNG export authorisations".

"It's clear, at least in the near term, that fears about a trade war have receded significantly".

After months without technical talks being held, China will fully lift the ban after just one more round of consultations, meaning imports will be allowed back in as soon as possible and by no later than July 16, Ross said. China is neighboring North Korea's lone major ally. "China economic relationship can't be politicized".

Trump praised the trade deal in a tweet Friday morning.

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Ker Gibbs, chairman of the American Chamber of Commerce in Shanghai, called the commitments a "good beginning" toward addressing several market-access issues, "but not a breakthrough". "Past foot-dragging means we won't celebrate until these promises are executed".

But the commitments are nearly all in areas in which China has made promises for years. He said foreign players would continue having a hard time gaining traction in China.

The last item of 10 listed in a joint statement says a USA delegation will attend an global gathering in Beijing, beginning Sunday, that will showcase a plan by President Xi Jinping to invest in vast networks of ports, railways and roads in a bid to expand China's trade with Asia, Africa and Europe.

The deal will also open up USA exports of liquefied natural gas to China. The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state.

The agreement covers 10 areas where trade negotiators from the USA and China have reached consensus, including agricultural trade and market access for financial services.

The countries' statement also included a goal of opening China's market in electronic payments.

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.

The US is agreeing to allow the import of poultry that is cooked in China then shipped here.

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