China to open market to USA beef

China to open market to USA beef

But those commitments came alongside an agreement for China to resume imports of United States beef and to speed up its approvals of genetically modified crops and other biotech products now awaiting Chinese licences. "I have a new boss who's very demanding that things get done on time", Commerce Secretary Wilbur Ross told CNBC. He said a similar deal for coal exports to China wasn't likely, given the far shipping distances.

During last year's election, Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done.

The deal the USA and China just struck on agricultural trade, financial services, investment and energy is evidence of President Trump's increasing willingness to negotiate with Beijing.

"It's impossible to overstate how beneficial..." this latest development in beef trade with China will be for USA cattle producers.

The two sides didn't discuss whether the US would join the Asian Infrastructure Investment Bank, Ross said.

The U.S. commerce chief said the deal will help reduce the U.S. trade deficit with China, which reached almost $350 billion previous year.

US regains access for beef exports to huge Chinese market

"China has shown its sincerity by making compromises, and it showed that China is not just paying lip service [to addressing the bilateral trade imbalance]", said Yu Miaojie, the deputy head of the National School of Development at Peking University.

United States credit rating services, electronic payment services and bond underwriting businesses are now allowed into the Chinese market.

Tyson Foods, Pilgrim's Pride and Sanderson Farms are the top three US chicken producers.

"China had been resistant to biotech, to genetically engineered products coming from the USA into China".

The Secretary is confident that the Chinese market will be open soon and it will be a huge boost to the US beef industry. Following one more round of technical consultations, beef exports from the U.S.to China will begin as soon as possible, but no later than July 16.

The President hailed the agreement Friday, tweeting, "China just agreed that the US will be allowed to sell beef, and other major products, into China once again". The Chinese middle class represents more consumers than the entire USA population, Baucus says, and they are hungry for beef.

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Elements of the agreement were previously promised or agreed upon during the Obama presidency.

The U.S. industry has been pushing for the ban to be removed so that it can help tap into the burgeoning demand of China's middle class. Trump declared success last month in gaining greater access to China for U.S. beef suppliers following meetings with Xi.

America's trade deficit in goods and services with China totaled $310 billion past year, by far the largest imbalance with any country. "We are thankful for the hard work on the issue by both leaders".

While Trump has said that he was willing to agree to less favorable trade terms for the United States in trade negotiations with China in order to enlist China' support in stopping North Korea's aggressive nuclear and ballistic missiles programs, Ross said there was no "quid pro quo in these discussions".

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