China conceded to Trump
China is preparing to make certain concessions to avoid a trade war with President Donald Trump.
To prevent a conflict, China is willing to offer the U.S. greater domestic market access for American beef exports and investments in the financial sector, reports the Financial Times, citing Chinese and American officials involved in recent negotiations. While these are relatively simple concessions, the shift could represent a move towards a fairer, more balanced U.S.-China trade relationship.
During their meeting at Mar-a-Lago last week, Trump and Chinese President Xi Jinping agreed to a 100-day trade plan to address imbalances. The U.S. trade deficit with China last year was $347 billion, an alarming figure the new administration is eager to change.