Published: Sat, May 20, 2017
U.S. | By Monique Johnson

China, US ink new trade deal for beef and chicken

China, US ink new trade deal for beef and chicken

The U.S. -China agreement on access to Chinese beef markets has just one more round of technical consultations and a July 16 deadline before U.S. beef is allowed in the country.

Foreign-owned firms will be allowed to offer credit-rating services in China by July 16. For example in electronic-payment services, China has already leapfrogged the United States in many ways.

"After being locked out of the world's largest market for 13 years, we strongly welcome the announcement that an agreement has been made to restore USA beef exports to China", the National Cattleman's Beef Association said in a statement.

The Secretary is confident that the Chinese market will be open soon and it will be a huge boost to the US beef industry.

China will allow USA imports of beef no later than July 16, and the United States will issue a proposed rule to allow Chinese cooked poultry to enter US markets.

Trump pledged during his campaign for the presidency that he would be ending trade practices by China as well as other nations that he called unfair to the U.S. His tough rhetoric toward China fueled fears earlier of a possible trade war.

Tyson Foods Inc, Cargill Inc and JBS are among the biggest exporters of US meat.

In a win for US agriculture, the deal opens China to USA beef exporters, who have long wanted access to its more than 1.3 billion people.

The countries have agreed that China will allow US imports of beef no later than July 16.

"For the 100-day plan to be credible it must address market access issues that impact USA -based technology companies in China", Giovenco told Bloomberg BNA. "We will be reaching out to our state's beef community to ensure that we continue to position Nebraska to play a key role in the Chinese market".

Commerce Secretary Wilbur Ross told CNBC on Friday the new U.S.

Close watchers of the US-China relationship quickly raised questions about the deal, pointing out that most of Beijing's key promises had been made before or were in line with China's existing worldwide commitments. He said China is now the second largest consumer of beef in the world.

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

American companies will be allowed to ship liquefied natural gas to China.

"If you think the problem is the trade deficit, you can not chicken out on China and go after the small countries", he said.

"This has been a day the cattle farmers across the country have been waiting for", Crutcher said.

"USCA applauds President Donald J. Trump, Secretary Perdue, and Members of the House and Senate for making US beef access to China a priority issue and appreciates the efforts by all to see this agreement through to completion". With just one more round of technical consultations between the US and China, American beef will once again be China-bound. 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.

"We've agreed to treat their financial institutions, their banks, the same way as we evaluate other foreign banks when they want to come and open up activities in the U.S.", Ross said on "Squawk Box." . "They are going to follow global standards, so if that is the case, it should open the door pretty wide open, and it should, if that all holds true, have a major impact on our cattle prices".

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