Trade deal feeds China taste for beef, won't close deficit

Trade deal feeds China taste for beef, won't close deficit

A new trade deal between the USA and China will allow the U.S.to break back into that beef market.

The Trump administration parked its get-tough rhetoric on trade with China to trumpet an agreement on beef and energy exports with Beijing, even as the White House continues to rail against supposed abuses by friendly countries like Mexico and Canada. For one, the arrangement upends the idea that the US and China will launch a trade war, Vice Commerce Minister Yu Jianhua said Friday.

US beef could start entering China as soon as July 16th.

A new trade deal will allow United States beef and natural gas exports to flow into China while opening up the American market for cooked poultry and Chinese banks, Commerce Secretary Wilbur Ross announced here.

America's trade deficit in goods and services with China totaled $310 billion previous year, by far the largest imbalance with any country. "So we're hoping that these efforts which are being led by the Trump administration, and in particular Secretary Perdue, is a big step in the right direction".

Shortly after the meeting by Trump and Xi, the US president said he told Xi he would give China a better trade deal if it helped to rein in its neighbor North Korea.

Beijing would also grant licenses to two US banks seeking to underwrite stock or bond offerings in China.

And 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 and rules issued by the central bank to let foreign firms enter the market.

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Sen. Pat Roberts noted China has grown into the largest beef market in the world, yet American beef had been shut out of it for more than a decade.

China represents 12 percent of the world beef trade and has a growing appetite for beef, he said. The U.S. has emphasized its safe production system, and most concerns have been addressed, he said.

"Under the leadership of the co-chairs, Secretary of the Treasury Steven Mnuchin and Secretary of Commerce Wilbur Ross of the United States and vice premier Wang Yang of China, both nations have negotiated intensively to make progress on key issues".

Japan and the USA also held economic talks last month in Tokyo.

"China just got a steady supply of liquefied natural gas, which will also reduce the deficit but not really add up to many, if any, U.S.jobs", said James McGregor, China chairman of APCO Worldwide.

What's more, the new agreements depend on highly undependable Chinese cooperation, one reason similar accords have been struck in vain in the past.

"The administration has shown great leadership in working with the Chinese government and industry to help finalize market access for U.S. beef", NAMI President and CEO Barry Carpenter said. Market access to China is crucial for USA cattle producers.

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 US, but called concessions "pretty even from both sides".

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