Relations between the world\u2019s two largest economies have hit \u201ca new high,\u201d said US Commerce Secretary Wilbur Ross when unveiling a 10-point trade agreement between the US and China.
\nUnder the agreement, China will allow the importation of US beef for the first time since 2003. In return, the United States will welcome Chinese exports of cooked poultry by July.
\nThey also agreed to begin exporting US liquefied natural gas to China.
\nBeijing will also permit foreign financial services companies to provide credit-rating services in China.
\n\u201cUS-China relationships are now hitting a new high, especially in trade,\u201d Ross told reporters.
\n\u201cThis was pretty much a herculean accomplishment to get this done,\u201d he added. \u201cThis is more than has been done in the whole history of US-China relations on trade.\u201d
\nThe Department of Commerce said Washington had also agreed to recognize the importance of China\u2019s \u201cBelt and Road initiative,\u201d aimed at reviving the ancient Silk Road trading routes between the East and the West.
\nThe new trade agreement is seen by many as an indicator of warming ties between the two countries. US President Donald Trump had threatened to label China a \u201ccurrency manipulator\u201d and impose trade tariffs on its goods during the election campaign but has since softened his position.
\nAccording to Ross, there are still hundreds of issues that need to be resolved between the two countries.
\nChina\u2019s Vice-Minister of Finance Zhu Guangyao said economic issues should not be politicized.
\n\u201cOn the connection between the North Korean nuclear issue and our economic \u2018100 days\u2019 plan\u2019 negotiations, I can tell you frankly that our economy team focused all their efforts on economic issues,\u201d he told journalists.<\/p>\n","protected":false},"excerpt":{"rendered":"
Relations between the world\u2019s two largest economies have hit \u201ca new high,\u201d said US Commerce Secretary Wilbur Ross when unveiling a 10-point trade agreement between the US and China. Under the agreement, China will allow the importation of US beef for the first time since 2003. In return, the United States will welcome Chinese exports […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-17632","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n