The agreement would also streamline the evaluation of pending United States of America biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China and facilitate the entrance of Chinese banks into the U.S. banking market, among other measures. The US largely exports hormone-treated beef which is banned in China and the US cannot meet China's food traceability standards.
While our president was busy undermining rule of law in the United States, one tweet at a time, his trade team struck a preliminary deal that would allow cooked Chinese poultry products into the USA market, and (supposedly) American beef exports into China.
Commerce Secretary Ross said the initial agreement, which would also open up the Chinese market to US electronic payment services companies and help Chinese banks gain broader access to the American financial market, would help "bring down" Washington's trade deficit with Beijing, though he did not provide a precise estimate.
Trade experts were quick to point out that the agreement, which largely focuses on agricultural goods, energy and financial products, does nothing for US manufacturers, long a source of tension in the relationship with China.
In return, among other things, China gets to send us its cooked poultry.More news: What We Know About the Global Ransomware Attack
More news: Sir James Dyson cleans up on annual rich list
More news: Republicans Suffer Shocking Defeat As Obama Environmental Regulation Repeals Fails In Senate
Though the Commerce Department said U.S. -China trade agreement, Commerce Secretary Wilbur Ross puffed a bit too hard in describing its greatness.
"These are modest moves which by themselves will not have much effect on the USA economy", said David Dollar, a senior fellow at the Brookings Institution and former Treasury Department official.
It represents the first negotiated pact on trade for Trump, who campaigned for office saying he would get tough on China over unfair trading practices.
During a press briefing Friday, White House press secretary Sean Spicer said: "It's been 13 years since our cattle producers have been effectively locked out of the Chinese market. The deal will also allow Chinese companies to buy liquefied natural gas (LNG) from the US.
Elements of the agreement had been promised or agreed upon during the Obama presidency. -China exchanges of goods past year totaled almost $579 billion, almost one-sixth of all USA trade. "China economic relationship can't be politicized". Again, this sounds like a win but the US has already won a WTO trade dispute against China on these payment systems.