Under the agreement announced by both nations, China will authorise U.S. beef imports by July 16 while the United States will lift barriers on Chinese cooked poultry exports "as soon as possible".
The agreement would also streamline the evaluation of USA biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China; and facilitate the entrance of Chinese banks into the US banking market.
U.S. President Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago state in Palm Beach, Florida, U.S., April 6, 2017.
According to a United States announcement the two sides had also agreed to discuss extending that initial 100-day period into a one-year plan.
The US administration was "excited" about Washington's trade policies, said US Treasury Secretary Steven Mnuchin as he arrived for a meeting of G7 finance ministers in Italy. Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship overseas to Asia. -China Comprehensive Economic Dialogue.
"When the Chinese people taste our high-quality USA beef, there's no doubt in my mind that they'll want more of it", Perdue said in a statement Friday.
The Wall Street Journal commented that it is unclear "how much, if at all, the changes would reduce the" USA trade deficit with China, noting that numerous breakthroughs the Trump administration is claiming have been hailed as victories by past administrations only to be encumbered by new roadblocks later.
"This is more than has been done in the whole history of US-China relations on trade", Ross said on Thursday.
The agreement would also ease import restrictions on agricultural goods, including ending China's ban on beef imports, which was imposed in 2003 after a case of mad-cow disease.
China's Premier Li Keqiang, days after the Xi-Trump summit, suggested that restoring USA beef imports could be linked to a US opening for Chinese chicken exports.
FINSUM: This is a big reversal of course for Trump, but any resetting of the US' trade relationship with China is a step in the right direction in our opinion.
Initial reaction on the US stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing.
When asked if China-U.S. cooperation over North Korea's nuclear and missile programs had played a role in the outcomes of the talks, Zhu said: "Economic issues should not be politicized".
In exchange, the USA would allow the sale of cooked Chinese poultry - a move Ross said could be done safely.
China's 1.37 billion residents are projected to eat roughly 17.6 billion pounds of the meat this year, according to the U.S. Department of Agriculture's Foreign Agricultural Service.
NAMI president and CEO Barry Carpenter said the deal is "a significant, concrete" accomplishment resulting from the 100-day plan, and "we are thankful for the hard work on the issue by both leaders".
Also in the plan, China agreed to allow foreign-owned firms to provide credit ratings by July 16.
"This should lead to full and prompt market access".
The WTO ruled against Beijing in 2012 for allowing only its state-owned company, UnionPay, to provide electronic payment services.