LNG, BEEF DEALS

given the far shipping distances.

“This will let China diversify, somewhat, their sources of supply and will provide a huge export market for American liquefied natural gas producers,” said Ross at a White House briefing on Thursday.

The agreement, which grew out of a 100-day action plan announced during an April meeting between President Donald Trump and Chinese President Xi Jinping, reflected daily negotiations with officials in China, said Ross.

Ross said the agreement would help to reduce the growing US trade deficit with China — the country’s largest, totalling US$347 billion (RM1.5 trillion) last year. The trade surplus hit US$21.4 billion last month.

China did not deliberately pursue a trade surplus with the US, said vice-commerce minister Yu Jianhua yesterday.

China also agreed to give “full and prompt market access” to payments companies, like Mastercard Inc, Visa Inc and American Express Co.

The US brought a case against China on its electronic payment services market in 2010. After a World Trade Organisation panel ruled against it in 2012, China issued new industry guidelines in United States trade deficit with China 2015 that it said would clear the way for foreign firms.

Also in the plan, China agreed to allow foreign-owned firms to provide credit ratings by July 16.

In a win for US agriculture, the deal opens China to US beef exporters, who have long wanted access to its more than 1.3 billion people. China banned American imports in 2003 after an outbreak of mad-cow disease.

The deal also paves the way for China to export cooked poultry to the US. The US would publish a proposed rule by July 16 to help jump-start the imports, it said.

Additionally on agriculture, China’s National Biosafety Committee will hold a meeting by the end of this month to evaluate eight pending US biotechnology product applications. Agencies