U.S., China ink trade deal

U.S., China ink trade deal

U.S., China ink trade deal

US-China trade is looking up after the leaders of the world's two largest economies hit it off at their meeting in Florida last month and agreed on a 100-day action plan.

And US credit card operators Visa Inc (V.N) and MasterCard Inc (MA.N) have yet to be independently licensed to clear transactions in China, despite a 2012 WTO ruling mandating that Beijing open the sector and rules issued by the central bank to let foreign firms enter the market.

Wilbur Ross the Commerce Secretary said the deal would help lower the deficit with China. "Normally, trade deals are denominated in multiple years, not tens of days". "This is REAL news!".

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.

Under the agreement, China will accept beef from the U.S., effectively ending the 14-year ban on American beef that began with an outbreak of mad cow disease in the United States in 2003.

NORTHAM: For its part, the Trump administration will allow imports of cooked poultry from China.

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China will speed up the approvals of bio-engineered agricultural products from USA companies, which are pending licences.

In return, the USA and China are to resolve outstanding issues for the import of China-origin cooked poultry to the U.S.as soon as possible after reaching consensus.

Exports to China will resume by July 16 after a 13-year ban. This means that the U.S. authorities will not take enforcement action against the Chinese interbank clearing house, which had failed to register its derivative trading operations.

Those in the livestock industry also hope other countries may follow in China's footsteps. The company is expected to benefit from more open access to Chinese markets.

The total amount of U.S. LNG that has so far been shipped to China is just over 0.6 million tonnes, or 1.4 billion cubic meters. Also, a delegation led by a top White House adviser will attend the "Belt and Road Initiative" summit in Beijing on Sunday, offering a sign of endorsement for Xi's ambitious bid to extend China's global influence.

During last year's election, Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done. The two sides have reached a deal to boost trade.

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

Lubbock cattleman Hadley Mann said the partnership was "something that we needed in the market from the get-go". "[The Chinese] said no one's really asked us about [beef], so give us a proposal".

The next step will be to hammer out a one-year plan that puts a timeframe on ticking off other items on each nation's trade "wish list", Ross said in a Bloomberg TV interview on Friday. It will start in mid-July. "We are going to start making money on cattle again".

"These are modest moves which by themselves will not have much effect on the US economy", said David Dollar, a senior fellow at the Brookings Institution and former Treasury Department official.

Under the newly announced deals, China set a deadline for fulfilling its promises to allow American beef and said it would speed up consideration of pending American applications to offer bio-engineered seeds in China.

Professor Shi Yinhong, director of Renmin University's Centre for American Studies, said China wanted to avoid potentially drastic measures by Mr Trump.

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The new deal does not touch on issues such as Chinese exports of steel and aluminum that are a growing source of discontent over trade.

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