United States and China Take First Steps in Trade Deal

United States and China Take First Steps in Trade Deal

So, if any aspect of the Trump presidency has exceeded expectations, it has to be the administration's handling of U.S.

"We'd like to see the actions that go with the commitments", Gibbs said in an emailed statement. We have all the ingredients for a good trade deal with a market that is absolutely seeking the kind of high-quality beef the USA has to offer.

"Following one more round of technical consultations between the United States and China, China is to allow imports of US beef on conditions consistent with worldwide food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement, beginning as soon as possible but no later than July 16, 2017", said the news release that also explained that consensus on this and other trade issues took place about a month after President Trump's meeting with Chinese President Xi Jinping.

It will also lower long-standing barriers that have affected matters ranging from agriculture to the operation of American financial firms in China.

Commerce Secretary Wilbur Ross touted the deal, which would open China's market to USA beef exports after years of restrictions as a "herculean accomplishment". "This is more than has been done in the whole history of US-China relations on trade".

In return, the United States will resolve outstanding issues around the import of cooked poultry from China, which has been in a holding pattern for almost three years.

The new deal does not touch on issues such as Chinese exports of steel and aluminum that are a growing source of discontent over trade.

Vice-Finance Minister Zhu Guangyao said the deal was a result of cooperation based on the principle of mutual benefits, stressing that the agreement was not "a list of one side's concessions".

Li Suling, 55, who works for an airline in Beijing, said allowing American beef imports was "a good thing" because it's more tender than Chinese-raised beef and less of a safety issue. Previous administrations have hailed market-opening agreements only to be left disappointed.

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For example: China will review eight pending US biotech product applications that they have been on hold, but no guarantee to approve them ... And there's some important elements to the agreement that they announced, but it is really just a first step. "American companies, workers, farmers and more are eager for more access to Chinese markets and they'll look to ensure reality matches the rhetoric of these promises", Mulhauser said. President Donald Trump has made closing the US gap with China - it totaled $347 billion a year ago - one of his major policy goals. He's argued that America's perennial trade deficits have cost millions of factory jobs and pledged to take a tougher stance in trade negotiations to lower the imbalances. Twice previously, China has agreed to open its market to USA beef, but regulatory hurdles have prevented the completion of an agreement.

Some of the leading countries that export beef to China's do have mandatory traceability, but it's part of that country's requirements.

For US gas drillers, China provides a potential customer base beyond countries such as Japan and South Korea, where the long-term demand outlook is bleak due to mature economies, rising energy efficiency and falling populations. "It's not as though this is going to wreck anybody's pocketbook". The deal fully lifts the Chinese ban on USA beef enacted due to fears of mad cow disease.

Other deals were a shift from the positions of the Obama administration.

The opening of the bond market could bring in USA institutional investors, which may stem the capital flight that troubles the Chinese government.

Total global beef exports from the U.S. totaled $6.6 billion in 2016, according to the U.S. Meat Export Federation.

The latest agreement also includes their preparations to open up US exports of liquefied natural gas to China. The areas dealt with in the initial agreement represent export opportunities that American companies have long sought.

Candidate Trump promised to label China as a currency manipulator and slap a 45% retaliatory tariff on the country's exports. However, progression in trade negotiation talks marks an encouraging development between the two nations under the Trump administration.

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