China will open its market to US credit rating agencies and credit card companies as well as resume imports of US beef, as part of a package hailed by the Trump administration as the first step in redefining the trade relationship between the world’s two largest economies.
The 10-point package revealed on Friday was billed as an “early harvest” from the 100-day plan to reset the trade relationship that Chinese leader Xi Jinping and Donald Trump agreed to pursue when they met in April. According to a US announcement, the two sides had also agreed to discuss extending that initial 100-day period into a one-year plan.
Friday’s announcement also marks the latest sign that the new US president is adopting a less confrontational approach with Beijing than he promised during last year’s election campaign. He threatened then to impose punitive tariffs on Chinese goods and label China a currency manipulator.