Both the US and China have reached a 10-point trade deal. This means that the Chinese market will be open to US credit rating agencies and credit card companies.
As well as this under the deal China will remove its ban on US beef imports. It will accept US shipments of liquified natural gas.
Chinese cooked chicken will be allowed onto the US market and Chinese banks will also be allowed to enter the US market.
US Commerce Secretary Wilbur Ross has said the deal should reduce China’s trade surplus with the US by the end of the year.
This announcement marks the very first tangible results from talks which began last month.
The agreement also indicates that President Donald Trump is using a less confrontational approach when it comes to Beijing. This goes against what he pledged in his election campaign.