U.S., China Strike Trade Deal On Beef, Poultry And Natural Gas


"This is really great news for the cattle producers and we appreciate the Trump administration for prioritizing USA beef".

Under the agreement announced by both nations, China will authorize USA beef imports by July 16 while the United States will lift barriers on Chinese cooked poultry exports "as soon as possible".

The US, which has been at odds with China for its trade practices, has reached a 10-point trade deal that opens the Chinese market to US credit rating agencies and credit card companies, and allows imports of US beef to China.

Under the deal, China will also lift its ban on US beef imports and accept USA shipments of liquefied natural gas.

Trump has made America's massive trade deficits and specifically the gap with China a major issue in his campaign and during the early days of his administration.

But Trump's rhetoric toward China has softened in the past month, expressing admiration for Xi and saying he wanted Beijing to help deal with the North Korean nuclear threat.

"This will help us to bring down the deficit for sure", Mr Ross said at media briefing in Washington.

"Opening the market for electronic payments is mainly symbolic", said Ker Gibbs, chairman of the American Chamber of Commerce in Shanghai.

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"We're not going to see a $20 profit with these cattle anymore, we're going to start seeing $100, $200 a head profits", Mann said.

Uden: "Regaining access to the market in China has been a long priority for cattlemen, NCBA and members in particular".

There are many countries in Africa, including Nigeria and Egypt, that would be great markets for USA producers.

Under the newly announced deals, China set a deadline for fulfilling its promises to allow American beef and said it would speed up consideration of pending American applications to offer bio-engineered seeds in China. Market access to China is crucial for USA cattle producers. Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship gas to Asia.

Following implementation of the 100-day plan, DOC said the US and China look forward to deepening engagement on these and other issues at the first meeting of the Comprehensive Economic Dialogue, to be held in the U.S.in the summer of 2017. "China relations on trade".

"China is willing to cut the trade deficits with the U.S.in order to avoid trade frictions between the two sides", Yu said. Those projects need to secure long-term supply agreements to underpin their financing before construction can begin. "I commend the persistence of President Trump, Commerce Secretary Wilbur Ross, Treasury Secretary Steve Mnuchin, the U.S. Trade Representative's officials, and our own USDA professionals".

Joshua Meltzer, a senior fellow in the Global Economy and Development program at the Brookings Institution, called Ross's characterization "an overstatement, to put it mildly", but said the agreement marked a positive initial step to come out of the renewed US-Chinese comprehensive economic dialogue.