China and the U.S. reach trade deal to boost American imports
May 15, 2017 Category Foreign trade, Weekly
The United States has reached a trade agreement with Beijing that will boost shipments of American liquefied natural gas (LNG), beef and other products, as well as improve market access of its financial services to China. The accord follows pledges by U.S. President Donald Trump and Chinese President Xi Jinping to address a USD350 billion trade imbalance in China’s favor by coming up with concrete measures within 100 days of the two leaders’ summit in Florida last month. U.S. Commerce Secretary Wilbur Ross hailed the agreement as “a herculean accomplishment” forged in record time. “This is more than has been done in the whole history of U.S.-China relations on trade,” Ross told reporters at the White House. “Normally trade deals are denominated in multiple years, not tens of days.” U.S. credit rating and electronic payment services, as well as bond underwriting, are now all allowed in the Chinese market. The U.S. would also allow American companies to ship LNG to China. Houston, Texas-based Cheniere Energy Partners is America’s only major LNG producer, having completed a major LNG export terminal on Louisiana’s Gulf Coast last year. The LNG export market is currently dominated by Australia, Qatar and Malaysia. Under this agreement, China will also accept beef imports from the U.S., effectively ending the 14-year ban on American beef after an outbreak of mad-cow disease in the U.S. in 2003. Reciprocally, the U.S. will allow Chinese cooked chicken into the American market. The agreement also gives the green light for U.S. biotechnological products to be exported to China, the South China Morning Post reports. However, the trade deal did not include America’s information technology industry.
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