The meat of US and China's trade talks, Latest Business News - The New Paper

The meat of US and China's trade talks

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WASHINGTON/BEIJING:The United States and China will expand trade in beef and chicken and increase access for financial firms as part of a plan to reduce the massive US trade deficit with Beijing, US Commerce Secretary Wilbur Ross said yesterday.

The deals are the first tangible results of the trade talks that began last month.

This is after US President Donald Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world's two largest economies.

Beijing also agreed to issue guidelines to allow US-owned card payment services "to begin the licensing process" in a sector where China's UnionPay system has had a near monopoly.

Foreign-owned firms in China will also be able to provide credit rating services.

It is unclear exactly how much these new deals will increase trade between the two countries. - REUTERS

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