U.S.-China trade ties at new high with “herculean” deal

May 12, 2017, 7:26 AM EDT
U.S. President Donald Trump has recently cozied up to his Chinese counterpart Xi Jinping.
(Source: Aaron Vivanco/flickr)

The U.S. and China, the world’s two largest economies, on Thursday struck a “herculean” trade deal, which will open the Chinese market to American credit rating agencies and credit card companies while in return the Chinese banks get access to the U.S. market.

The 10-part trade agreement, likely to shrink China’s trade surplus with the U.S. by the end of this year, marks a new high in Washington-Beijing trade ties, writes The Guardian.

U.S. President Donald Trump, who branded China as a “currency manipulator,” now appears taking a less confrontational trade approach towards Beijing than what he vowed during the presidential campaign, notes the BBC.