China, US reach agreement on beef, poultry and natural gas

Posted May 13, 2017

Ending a almost 14-year hiatus, the Trump Administration announced May 11 that following one more round of technical consultations between the US and China, China will begin - as soon as possible, but no later than July 16 - importing USA beef on conditions consistent with global food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement.

U.S. President Donald Trump on Friday gave an example of "Real News" to the "Fake Media" in he endorsed the recent agreement with China allowing U.S. beef import. It had been suggested that President Trump's latest softening of stance over China and the agreement of a trade deal, could be seen as a way to secure potential leverage over China with regards to asserting its influence in the region and escalating the situation with North Korea.

America's trade deficit in goods and services with China totaled $310 billion previous year, by far the largest imbalance with any country. "At this point the domestic players are well entrenched so foreign companies will have a hard time entering the China market", he said. The US will also allow American companies to ship liquefied natural gas to China.

"The U.S. welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries", the joint statement readt.

Ross did not say when the agreement would take effect and added the agreement would also be dependent on China complying with all United States standards.

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Twice previously, China has agreed to open its market to USA beef, but regulatory hurdles have prevented the completion of an agreement. The relationship has also frayed over Chinese chip makers' challenges in stepping up investment in the US and USA accusations of Chinese hacking and other cybersecurity concerns. -China relationships are now hitting a new high, especially in trade. China will finally open its borders to US beef while cooked Chinese poultry is clos.

Ross described the trade deal as marking a new high in the relations between the USA and China.

American beef producers are pleased by the deal, which finalizes a preliminary agreement to lift the ban on beef imports in China reached in September.

Additionally on agriculture, China's National Biosafety Committee will hold a meeting by the end of this month to evaluate eight pending USA biotechnology product applications.

The agreement "won't make any meaningful difference to the bilateral trade imbalance, which could still trigger a flare-up of tensions between the two sides in the future", it said.

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"We have some very big news", Ross told reporters Thursday. "U.S".

The deal the US and China just struck on agricultural trade, financial services, investment and energy is evidence of President Trump's increasing willingness to negotiate with Beijing. The move would allow China to diversify its supply and provide a major market for American suppliers, though the expansion could lead to higher prices for USA consumers.

The joint statement said the United States would send a delegation to China's One Belt, One Road summit on Sunday and Monday.

Gai Xinzhe, a researcher at the Bank of China Ltd.'s Institute of International Finance in Beijing, said China appeared to offer more than the USA, but called concessions "pretty even from both sides". USA industry groups value the Chinese beef-import market at about $2.6 billion.

"This should lead to full and prompt market access".

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