Cheerleading a US-China trade deal

Cameron Gross
May 20, 2017

China has agreed to open up its markets to USA financial firms and agriculture exports as part of a new bilateral trade agreement, in a decision the Trump administration called a "herculean accomplishment". The conditions must be consistent with worldwide food safety and animal health standards and the 1999 Agricultural Cooperation Agreement.

They agreed a deal needed to be reached within 100 days or by July 16. That's the deadline for resuming beef exports to China.

On the resumption of United States beef exports to China, Mr Ross said: "It's a very big market; it's at least a $2.5 billion market that's being opened". China will finally open its borders to US beef while cooked Chinese poultry is closer to hitting the American market as part of a U.S.

A new China-U.S. trade deal will help sate the growing Chinese appetite for beef and allow more natural gas imports to fuel the country's expanding economy, but it steers clear of bigger issues that would have more substantial impact on the U.S. trade deficit. "USMEF and its members greatly appreciate the efforts of the Trump administration and officials at USDA and USTR", said a statement. Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship overseas to Asia.

Restoring trade with China would give USA beef access to 1.4 billion new customers - a fifth of the world's population - and a middle class that is larger than the entire population of the US, he said.

The decision to lift by no later than July 16 a ban on imported American beef imposed in 2003 over mad cow disease concerns is good news for Chinese consumers, said Peking University professor Yu Miaojie.

US credit card operators Visa Inc V.N and MasterCard Inc MA.N have yet to be independently licensed to clear transactions in China, despite a 2012 WTO ruling mandating that Beijing open the sector. In return, among other things, China gets to send us its cooked poultry.

"This will help us to bring down the deficit for sure", U.S. Commerce Secretary Wilbur Ross explained at press briefing.

NORTHAM: There may be more progress when negotiators from the USA and China meet again this summer to continue work on trade issues.

Irish Prime Minister steps down as leader of ruling Fine Gael party
He said that Minister Varadkar has a "vision of a resilient and competitive economy" that can support a fairer Ireland. Fine Gael lawmakers and councillors make up 75 percent of the vote, with ordinary members accounting for the balance.

"Clearly China, whose banks are among the largest in the whole world, wants access to the USA banking market", he said.

China will also give permission to wholly foreign-owned financial services firms to provide credit rating services in the Asian giant.

The natural gas shipping would be done under the bilateral trade agreement. With just one more round of technical consultations between the United States and China, American beef will once again be China-bound.

Sen. John Hoeven, R-N.D., who said the trade was vital to the success of farmers and ranchers, also touted the opening of Chinese markets to USA natural gas exports as part of the deal made by the Trump administration this week.

Trump signed off on the agreement following weeks of discussions that he delegated to his secretaries of Commerce and Treasury, which Ross said took place "mostly at very inconvenient hours" owing to the 12-hour time difference between the two countries.

Lubbock cattleman Hadley Mann said the partnership was "something that we needed in the market from the get-go".

"This is more than has been done in the whole history of US-China relations on trade", Ross said.

"USCA applauds President Donald J. Trump, Secretary Perdue, and Members of the House and Senate for making USA beef access to China a priority issue and appreciates the efforts by all to see this agreement through to completion". "We are going to start making money on cattle again".

Other reports by BadHub

Discuss This Article

FOLLOW OUR NEWSPAPER