China trade deal is big, but not that big

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China trade deal is big, but not that big

The deal will also allow China easier access to the US banking system and let American energy companies export LNG to China, most of which it now buys from Russian Federation.

The deal will also allow China easier access to the US banking system and let American energy companies export LNG to China, most of which it now buys from Russian Federation.

It remains unclear how far China will go to allow more American exports.

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.

So, if any aspect of the Trump presidency has exceeded expectations, it has to be the administration's handling of U.S. While the Trump administration has touted a surge in US manufacturing, this agreement does little to help that goal.

Trump made America's massive trade deficits and specifically the gap with China a major issue in his campaign and during the early days of his administration.

Beijing also agreed to issue guidelines by then to allow US -owned card payment services "to begin the licensing process" in a sector where China's UnionPay system has had a near monopoly.

"China just agreed that the U.S. will be allowed to sell beef, and other major products, into China once again".

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. The agreement also suggests that American firms will soon be able to sell liquid natural gas on the Chinese market, while American and Chinese regulators will cooperate in oversight of financial transactions, and Chinese safety reviews of American biotechnology applications will be expedited.

The United States would also allow USA companies to ship liquefied natural gas to China as part of the bilateral agreement reached following President Donald Trump's meeting with Chinese President Xi Jinping in April.

The US administration was "excited" about Washington's trade policies, said US Treasury Secretary Steven Mnuchin as he arrived for a meeting of G7 finance ministers in Italy. Ross says American beef producers have been locked out of China's enormous market since a mad cow scare in 2003. And there's some important elements to the agreement that they announced, but it is really just a first step. Both countries got together twice a year.

The two sides didn't discuss whether the USA would join the Asian Infrastructure Investment Bank, Ross said.

US-China trade is looking up after the leaders of the world's two largest economies hit it off at their meeting in Florida last month and agreed on a 100-day action plan.

China will lift a ban on American beef and allow for its import no later than July 16. -China relations. Sure, the current level of comity between Beijing and Washington may have come at the cost of blatant corruption (congratulations to Ivanka on those trademarks).

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