Squawk

12 May 2017 By Gina Chon, Pete Sweeney Follow @GinaChon

American cattlemen and financiers will get more access to mainland markets in exchange for chicken imports and a potential opening for Chinese banks. It’s a good start but Beijing didn’t give up much. U.S. negotiators will have to push harder if they want a better bargain.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Context News

The United States and China have agreed to take action by mid-July to increase access for U.S. financial firms and expand trade in beef and chicken among other steps.

The United States ran a trade deficit of $347 billion with China last year, U.S. Treasury figures show.

Trump had pledged during his presidential campaign that he would stop trade practices by China and other countries that he deemed unfair to the United States. His tough talk toward Beijing had fueled early fears of a trade war.

China is the top export market for U.S. agriculture products, with the total value of exports rising by more than 1,100 percent since 2000 to $21.4 billion in 2016.

“This will help us to bring down the deficit for sure," U.S. Commerce Secretary Wilbur Ross said at media briefing. "You watch and you'll see."

Email a friend

Please complete the form below.

Required fields *