The US and China agreement will open the Chinese market to US credit rating agencies and credit card companies.
The new agreement signed will lift ban on US beef imports and accept US shipments of liquefied natural gas and in return, Chinese cooked chicken will be allowed into the US market and Chinese banks can enter the US market.
“This deal should reduce China’s trade surplus with the US by the end of 2017.”Said US Commerce Secretary Wilbur Ross
US agreed also to treat Chinese financial institutions in the same way as other foreign banks, to access to the US banking market as long as they will comply with the normal rules.
The agreement between the US and China is a less confrontational approach to Beijing adopted by the US President Donald Trump than he promised during last year’s election campaign.
Mr Trump had also attempted to link US-China trade talks to concerns over North Korea’s nuclear ambitions, urging Beijing to exert more pressure on Pyongyang.
China’s vice-minister of finance, Zhu Guangyao, said economic issues should not be politicized, after the trade deal was announced.
This agreement looks set to give the impression that China will play by the US rules. It certainly benefits the US by giving American financial services and American beef exporters more access to China’s growing middle classes.
China is not the one who gives away something for nothing, in return they get an important reshaping of its global image with the help of this deal signed with the US.