China, US ink new trade deal for beef and chicken

Global Business

China, US ink new trade deal for beef and chickenDomestically produced Chinese beef is on sale at a supermarket in Beijing, Friday, May 12, 2017. A new trade deal with the U.S. could help feed China’s growing appetite for beef and increase natural gas imports but will likely make only a negligible dent in the U.S. trade deficit. The agreement announced on Friday Beijing time is a step toward easing trade friction between the world’s two largest economies. (AP Photo/Mark Schiefelbein)

U.S. President Donald Trump’s administration has ended this week by improving a crucial but at times testy relationship with China. The two sides have reached a deal to boost trade.

CGTN’s Owen Fairclough has more.

China, US ink new trade deal for beef and chicken

Donald Trump’s presidency has spent a week engulfed in fresh crisis over the firing of FBI Director James Comey. But he can at least savor a breakthrough in his most important but contentious trade relationship. CGTN’s Owen Fairclough has more.

The deal that opens up China to U.S. beef while giving Uncle Sam some Chinese chicken.

As both sides open up access for their companies, U.S. credit card companies will benefit from the opportunity to take a slice of the charges generated by $6 trillion of bank card transactions in China every year.

These agreements are the fruit of discussions between Chinese President Xi Jinping and Trump last month when they set a 100-day deadline to improve trade relations.

Both sides see the movement as a sign that a relationship characterized by frequent battles protecting their imports and exports may be changing.

The progress made by us in such a short amount of time shows that if both sides respect each other and cooperate with a win-win spirit,” Chinese Foreign Ministry spokesman Geng Shuang said. “We can deal with disputes properly and benefit our two peoples.”

Some analysts, however, question how quickly U.S companies will feel the benefits in China, where foreign companies have long reported difficulty penetrating the domestic market.

Cato Institute’s Dan Ikenson discusses recent US-China trade deal and Trump’s changing views of China

CGTN’s Rachelle Akuffo spoke to Dan Ikenson, director of the Herbert A. Stiefel Center for Trade Policy Studies at the Cato Institute about the significance of the recent China-U.S. trade deal.