China to import poultry, beef in new U.S. trade deal

By Ed Adamczyk  |  May 12, 2017 at 7:42 AM
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May 12 (UPI) -- The United States and China signed a new trade deal on poultry and other products that left steel and aluminum untouched, a joint statement said.

The disclosure of a 10-point deal Thursday suggested President Donald Trump, after meeting Chinese President Xi Jinping in April, is willing to show flexibility on Chinese exports to the United States in exchange for Chinese cooperation in dealing with North Korea and its nuclear program, The New York Times reported Friday.

Under the announced deals, China will import U.S. beef and poultry and will accelerate consideration of U.S. applications to sell bioengineered seeds in China. The deal also allows foreign-owned firms to offer credit-rating services in China and provide licenses to two U.S. financial institutions to underwrite bonds.

The United States will sell liquefied natural gas to China and will have a seat at this week's Beijing forum on China's ambitious international investment program. The U.S. involvement in Xi's so-called "One Belt, One Road" program suggests that Trump is attempting to improve relations despite his anti-China rhetoric during the presidential campaign. Sending a delegation recognizes the importance of Xi's foreign policy plans to increase trade throughout the world.

"The U.S. welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries," the joint statement readt.

The agreement shows tangible gains by the United States in making inroads in China's economy, the Financial Times reported Friday, although in many cases, China committed to many features in the plan during the Obama administration. It added that investors would be skeptical of how much access U.S. financial companies will have in sectors of the Chinese economy dominated by Chinese firms.

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