The criticism that foreign investors usually have of doing business with China is that typically it is China that benefits far more than the foreign business partner.
That has been the rallying cry of President Trump on the campaign trail, and he has promised to get China to play by the rules.
This agreement looks set to at least give the impression that he is doing that. It certainly benefits the US by giving American financial services and American beef exporters more access to China's growing middle classes. But China isn't one to give away something for nothing. In return, Beijing gets an important reshaping of its global image from the US.
No longer do you hear the words "currency manipulator" or "unfair trade partner" from Trump's lips. Instead, the US in a statement recognised the importance of China's One Belt and One Road initiatives, and even says it will send representatives to attend the summit - something previous administrations have thus far eschewed.
China also gets to sell its cooked poultry products to the US - a market it has been keen to tap too.
Source: BBC News.