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China's red meat trade offering to Trump

Alex Brandon / AP

President Trump's Mar-a-Lago hosting with Chinese President Xi Jinping appears to be bearing some fruit, per the FT, which says China has offered the following concessions on trade:

  1. A drop on China's ban on U.S. beef, which has been in place since a Mad Cow Disease scare in 2003.
  2. Foreign investors will be allowed to hold majority stakes in Chinese investment and securities companies. This concept was discussed during the Obama administration, and a Chinese official told the FT it would have gone through had Obama had a few more months in office.

Why it matters: Trump needs concrete wins on trade, particularly for his heartland voters, and China wants to lock in a bilateral trade deal with the U.S., which it isn't eager to fight in a Trumpian trade war.