US and China sign trade agreement | 2017-05-13 |

US and China sign trade agreement

Sun Online Desk     13th May, 2017 09:05:59 printer

US and China sign trade agreement

The US and China have reached a 10-point trade deal that opens the Chinese market to US credit rating agencies and credit card companies, BBC reports.


Under the deal, China will also lift its ban on US beef imports and accept US shipments of liquefied natural gas.


In return, Chinese cooked chicken will be allowed into the US market and Chinese banks can enter the US market.


US Commerce Secretary Wilbur Ross said the deal should reduce China's trade surplus with the US by the end of 2017.


Ross told CNBC that the US had agreed to treat Chinese financial institutions in the same way as other foreign banks that wanted to open up activities in the US.


"Clearly China, whose banks are among the largest in the whole world, wants access to the US banking market," he said.


"As long as they can comply with the normal rules, they will get access."