New Trade Agreement between America and China

New Trade Agreement between America and China

A sign progress was announced in April for a trade deal between America and China. Finally the U.S President, Donald Trump and the President of the Republic of China, Xi Jinping, came to an agreement at their Mar-a-Lago meeting on trade partnership. The meeting's aim was in advancing U.S-China economy.

 

First results of the 100 day plan

During the meeting, the nations agreed on the economic cooperation of a hundred day plan under the support of the U.S.-China Comprehensive Economic Negotiation. The Secretary of the Treasury Steven Mnuchin, Secretary of Commerce Wilbur Ross of the U.S and Vice Premier Wang Yang of China negotiated intensively to increase progress on important economic issues. The three officials concluded on initial commitments under the 100-day plan and the next objectives.

The U.S has set trade deals with China in areas like poultry, beef and electronic payment services. Through the agreement, China will now import American beef directly into their country for the first time since 2003, while the U.S will take in Chinese cooked poultry by 16th July 2017. The nations also agreed on U.S export of liquefied natural gas to China, which is an enormous advantage to both countries.

 

Diminishing the trade deficit betwen USA and China

On electronic payment services, which have been alternative forms of payment to cash in China, both countries bonded to it. China has set aside a date to permit other foreign providers of similar services but is configured to issue out more instructions on how they will be offered. The American administration said China should allow electronic payment services for foreigners without providing further guidelines. The US Commerce Secretary Wilbur Ross said this would open up the market for China to American electronic payment services companies and also help banks from China to gain access to the USA financial market. In turn, this would bring down the trade deficit between America and China. He did not give a precise estimate.

Jeremie Waterman, the executive director for China, said the U.S administration deserves credit to ensure the implementation of the deal made with China in areas of biotech, electronic payment, and beef.

Date: 17 May 2017, 13:20 pm
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