Beijing, US reach trade deal to boost American imports to China in wake of Xi-Trump summit


The United States has reached a trade agreement with Beijing that will boost shipments of American liquefied natural gas, beef and other products, as well as improve its market access of financial services to China.

The accord follows pledges by US President Donald Trump and Chinese President Xi Jinping to address a US$350 billion trade imbalance in China’s favour by coming up with concrete measures within 100 days of the two leaders’ summit in Florida last month.

US Commerce Secretary Wilbur Ross hailed the agreement as “a herculean accomplishment” forged in record time.

“This is more than has been done in the whole history of US-China relations on trade,” Ross told reporters on Thursday evening at the White House. “Normally trade deals are denominated in multiple years, not tens of days.”

Read more at SCMP