China has moved quickly to avoid a trade war by offering concessions on U.S. beef exports and better market access for financial investments, the Financial Times reports. The U.S. and China also agreed to a 100-day plan to address trade imbalances.
Additional concessions by China are said to also include agricultural imports. President Donald Trump and Chinese President Xi Jinping on Friday discussed trade options at their first face-to-face meeting in Washington.
"The atmosphere at the talks was good," Chu Shulong, a professor of international relations at Tsinghua University in Beijing, told the Financial Times. "Trade is the most worrying issue for the U.S. and China. But it looks like a trade war can be averted for at least the next 100 days while the two sides negotiate."
The treaty would allow American beef to be sold in China for the first time since 2003 and allow majority foreign ownership in China’s securities and insurance companies. China imposed a ban on American beef in 2003 triggered by a case of mad-cow disease in Washington state.
U.S. officials are also looking for a lower tax rate on automotive imports while China is seeking greater protection for Chinese investment in the United States.
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