The United States and China have agreed to increase access for U.S. financial firms in China and expand trade in beef and chicken. Fred Katayama reports.
China agreed to open its market to U.S. card payment services, beef and chicken producers, and credit rating agencies. All this by July 16th. The deal comes after talks initiated by a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in April. Dany Bahar of Brookings says it's a sign Trump is departing from his projectionist rhetoric. (SOUNDBITE) DANY BAHAR, FELLOW, GLOBAL ECONOMY AND DEVELOPMENT, BROOKINGS INSTITUTION (ENGLISH) SAYING: "I believe opening the Chinese markets to the financial sectors in the U.S. has potential because the financial sector of the U.S. exports about a $100 billion, and it is a fast-growing sector. It could actually export quite a bit to China, and could significantly reduce the trade deficit." But Bahar says introducing U.S. financial services to China will take time and produce new regulations. The United States ran a $347 billion trade deficit with China last year.