WASHINGTON D.C. — The United States and China on Thursday announced a new trade agreement. According to a press release from the U.S. Department of Commerce, the initial framework of the deal was set when Chinese President Xi Jinping visited American President Donald Trump in March.
The press release touted a few notable points, including:
- By July 2017, China will allow U.S. beef imports into the country.
- The U.S. will allow Chinese poultry imports by July 2017.
- China will hold hearings on eight U.S. biotechnology product applications to determine the safety of the products.
- China can import liquefied natural gas from U.S. companies without any restrictions not placed on other trade partners.
Other points of the deal can be read on the U.S. Department of Commerce’s website.
The initial reaction on Wall Street was mellow, with the largest winners being the credit card industry, with Visa shares rising 0.4 percent while MasterCard edged up 0.1 percent as prospects for global payment network operators at last entering the Chinese market remained uncertain. American Express Co shares were down 0.6 percent.