The Trump administration has reached an agreement with China to expand trade in 10 sectors by mid-July, including opening up markets for U.S. beef, Chinese poultry and increased access for U.S. financial firms.
Commerce Secretary Wilbur Ross said the deal is the initial result of 100 days of ongoing trade talks that began last month when President Trump met with Chinese President Xi Jinping in the U.S.
“This will help us to bring down the deficit for sure,” Mr. Ross told reporters. “This is more than has been done in the whole history of U.S.-China relations on trade.”
The annual U.S. trade deficit with China stands at $347 billion.
Among the 10 areas of agreement, China will allow U.S. imports of beef by July 16, and Washington will issue a proposed rule to allow cooked Chinese poultry into the U.S.
China also has agreed to take steps to allow U.S.-owned electronic payment services to operate in China.
The deal comes as Mr. Trump is seeking China’s cooperation to exert more pressure on North Korea to curb its nuclear-weapons and ballistic-missile programs.
During the campaign, Mr. Trump had vowed a get-tough approach on trade with China, including a promises to label Beijing as a currency manipulator. He has since backed off that pledge, saying China hasn’t manipulated its currency since he became president.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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