Beijing, November 10: As a result of US President Donald Trump's 1st visit to China, both nations signed business contracts worth $220 billion. US Commerce Secretary Wilbur Ross signed 19 agreements. This is a sign of both the nations moving towards a healthy relationship.
Other agreements included memoranda of understanding on liquefied natural gas sales and industrial development cooperation.
Officials said the joint development agreement will create up to 12,000 American jobs and reduce the trade deficit between the US and Asia by US$10 billion a year.
Contracts signed on Wednesday included a commitment by China’s major online retailer JD.com to buy US$1.2 billion of American beef and pork.
Over the past decade, US exports to China rose 11 percent a year on average, while China’s exports to the US were up just 6.6 percent. China holds a surplus in goods trade with the US while the US maintains a service trade surplus with China.
During the trip he will address a CEO summit and outline his vision of free trade in the region, as well as threats posed by North Korea's aggressive nuclear weapons development.
Trump flew to Vietnam from China, where he abandoned the tough talk that defined his presidential campaign.