China to open market for US credit cards, beef
Agreements part of 100-day action plan set in motion following Trump-Xi summit
The US and China have agreed to first steps as part of a 100-day trade action plan announced during Presidents Trump and Xi’s first meeting last month, reports Reuters.
China will issue guidelines to allow US credit card issuers to begin the licensing process in China by July 16th, which will mark the 100th day since the talks began in April. The country’s card payment market has been closed to US providers until now, and China’s UnionPay system has an effective monopoly over card services.
Beijing will also open its borders to imports of US beef by no later than the July 16 deadline, while Chinese cooked poulty will be allowed into the US.