US and China strike deals on food trade, access for financial firms
Main page Economics, China, US

The US and China will expand trade in beef and chicken and increase access for financial firms in a bid to reduce the nation's massive trade deficit with China, Commerce Secretary Wilbur Ross said.

By no later than July 16 China will allow US beef imports while the US will issue a proposed rule to allow imports of cooked poultry from China.

China will also take the first steps towards opening its card payment industry by allowing to US firms to begin the licensing process.

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Now there's a 'Made in China' aircraft carrier

China's UnionPay system currently enjoys a virtual monopoly.

Under the deal foreign-owned firms operating in China will also be able to provide credit rating services.

"This will help us to bring down the deficit for sure," Mr Ross said.

"You watch and you'll see."

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The commerce secretary said he expected to see a decrease in the US trade deficit with China by the end of the year.

The deals come after last month's Florida meeting between US President Donald Trump and Chinese President Xi Jinping, where the leaders of the world's two largest economies discussed trade and economic issues.

Mr Trump repeatedly denounced China and its trade practices during his presidential campaign but has taken a softer stance on Beijing since assuming office, partially due to the leverage China can offer in dealing with North Korea and the nuclear threat it poses to both nations.

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