China agrees to open market to US beef, gas

The deal was reached weeks after Chinese President Xi Jinping and Donald Trump launched a 100-day action plan on economic cooperation during their meeting at the US leader's Mar-a-Lago resort in Florida in April.

China agrees to open market to US beef, gas

World Bulletin / News Desk

China announced on Friday an agreement with the United States to open its market to US beef, natural gas and certain financial services, a month after talks between their leaders.

The announcement is also another indication that Trump is nurturing good relations with China after pledging to take punitive measures against the country during the US presidential campaign.

Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done.

Under the agreement announced by both nations, China will authorise US beef imports by July 16 while the United States will allow Chinese poultry exports.

China banned US beef following a case of mad cow disease in the United States in 2003.

Beijing had announced an end to a 14-year embargo on American beef last year, but the decision has yet to be implemented. 

Regaining access to China, the world's most populous country with 1.4 billion people, has been a key goal of American cattle farmers and long a demand of US policymakers.

The deal will also allow Chinese companies to buy liquified natural gas from the United States.

China will also give permission to wholly foreign-owned financial services firms to provide credit rating services in the Asian giant.

The joint statement said the United States would send a delegation to China's One Belt, One Road summit on Sunday and Monday.

Leaders from nearly 30 nations are attending the forum, which will showcase Xi's signature project to revive ancient Silk Road trade routes by bankrolling rail, maritime and road projects across Asia, Europe and Africa.

Last Mod: 12 Mayıs 2017, 11:03
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