Following a summit in Beijing, the United States and China have agreed to reduce tariffs on certain products and address non-tariff barriers to expand bilateral trade, particularly in the agricultural sector.
Key points
- China committed to addressing US concerns regarding import licenses for beef plants and poultry exports.
- The US expects China to purchase double-digit billions in farm goods over the next three years.
- Both nations plan to establish boards of trade and investment to facilitate ongoing negotiations.
- The agreement includes provisions to resolve issues surrounding the export of dairy, aquatic products, and potted plants.
Why it matters
The agreements represent a stabilization in economic relations between the world's two largest economies following a period of significant trade friction.
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