China will allow as well the imports from the US of beef starting no later than on July 16 and the U.S.is to issue a rule that allows cooked poultry from China to enter the USA market.
Reciprocally, the United States will allow Chinese cooked chicken in the American market.
Initial reaction on the USA stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing.
But relations between the two governments have been friendlier than expected since his inauguration, and the president trumpeted the new deal Friday on twitter.
Beijing would also grant licenses to two US banks seeking to underwrite stock or bond offerings in China. "This is REAL news!"
"I think we're very happy with how we're proceeding with the Chinese", he added.
Commerce Secretary Wilbur Ross hailed the agreement, coming on the heels of President Donald Trump's April meeting with President Xi Jinping, as "a herculean accomplishment".
Ross highlighted his expectation that the improved flow of trade with China will start lowering the nation's $347 billion trade deficit with China by the end of the year although he didn't provide any estimates of how much.
"The challenge is selling manufactured goods into China there isn't anything in this deal to suggest China is going to become more open to US -manufactured exports", said Brad Setser, a senior fellow at the Council on Foreign Relations.
The delegation will be headed by Matt Pottinger, a special assistant to Trump and senior director for Asia on the National Security Council, according to Chinese Foreign Ministry spokesman Geng Shuang.More news: Haryana board (BSEH) Class 10 results will not be declared on Saturday
"The nature of this relationship is mutually beneficial".
"We'd like to see the actions that go with the commitments", Gibbs said in an emailed statement.
During last year's campaign, Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done. Meanwhile, Montana and North Dakota's congressional delegates all wrote letters imploring Trump to make opening the Chinese market to US beef a top priority when he met with Chinese leader Xi Jinping at Mar-a-Lago.
The new deal does not touch on issues such as Chinese exports of steel and aluminum that are a growing source of discontent over trade.
The United States will sell liquefied natural gas to China and will have a seat at this week's Beijing forum on China's ambitious worldwide investment program.
The Trump administration announced yesterday that following one more round of technical consultations between the United States and China, China is to allow imports of US beef. China has reportedly avoided USA -imported beef since 2003 because of concerns about mad cow disease and hormone use. China's Deputy Finance Minister Zhu Guangyao said: "Both sides have agreed, on the basis of the 100-day China-US economic cooperation plan, that we will discuss extending that into a one-year economic cooperation plan, and boost actions aimed at promoting the economic exchange between China and the US".
China, one of the world's largest importers of beef, has been closed to US producers for 13 years after mad cow disease was found in some Washington cattle.
"The concern is the buying up of American technology companies with only one goal here, which is to take their technology and put it in Chinese companies", Atkinson said.
"United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible", said the release.
The agreement would also streamline the evaluation of USA biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China; and facilitate the entrance of Chinese banks into the US banking market.