US, China sign trade deals to cut deficit

Foreign-owned firms will also be able to provide credit rating services in China

The United States and China have agreed to take action by mid-July to increase access for US financial firms and expand trade in beef and chicken among other steps as part of Washington's drive to cut its trade deficit with Beijing.

The deals are the first results of 100 days of trade talks that began last month, when a meeting between US President Donald Trump and Chinese President Xi Jinping proved far more friendly than had been expected after last year's US presidential campaign, but the immediate impact was unclear.

"This will help us to bring down the deficit for sure," US