U.S. Inks China Trade Deal Promoting Finance Services, Beef
- White House announces natural gas exporters also to benefit
- Deal paves way for more trade negotiations in coming months
U.S. Commerce Secretary Wilbur Ross provides background on the United States' trade agreement with China and the issues the U.S. government needs to address with China as part of a one-year plan. He speaks on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)
The U.S. reached agreement with China to promote market access for American natural gas, financial services and beef that Commerce Secretary Wilbur Ross said was part of a broader effort to begin reshaping the trade relationship between the world’s two largest economies.
The agreement covers 10 areas where negotiators from the two sides have reached consensus, including agricultural trade and the issuance of both bond writing and settlement licenses to two qualified U.S. financial institutions. By mid-July, U.S. beef producers will have broader access to Chinese markets, while America will move forward on allowing the import of cooked poultry from China, according to a joint statement announcing the deal.