China to allow US beef exports under new deal

Posted May 13, 2017

"I look forward to the day when we can serve President Trump and President Xi a dry-aged, American-made NY strip in Beijing (China)".

The White House announced Thursday that the USA and China have reached an agreement on trade polices related to beef, poultry and natural gas that are expected to increase American exports.

"While we welcome the news that China intends to reopen its market to USA beef, steps must be taken to ensure the benefits from this expanded market flow all the way back to the farmers and ranchers who comprise the USA live cattle supply chain, and are not captured by the multinational meatpackers who will actually export the beef". "You watch and you'll see".

Donald Trump talked tough on trade with China before his election.

"When the Chinese people taste our high-quality US beef, there's no doubt in my mind that they'll want more of it", Perdue said in a statement Friday.

The deal, which should start no later than mid-July, is subject to further technical talks on import standards, would allow United States beef and card payment services access to the Chinese market.

Credit rating services: China will allow foreign-owned financial service firms to provide credit rating services.

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Gas exports to such countries are not allowed without U.S. Department of Energy signoff under longstanding U.S. law.

Zhu made the comments at a news briefing in Beijing.

"It's clear, at least in the near term, that fears about a trade war have receded significantly". China is neighboring North Korea's lone major ally. -China Comprehensive Economic Dialogue.

"This is REAL news!"

Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the deal, while a good beginning, was not a breakthrough. "Past foot-dragging means we won't celebrate until these promises are executed".

"This should have been done years ago when it would have made a difference".

A woman pushes her shopping cart past a display of domestically produced Chinese beef at a supermarket in Beijing, Friday, May 12, 2017.

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Describing the agreement a "herculean accomplishment" Ross claimed that the deal represented the "biggest accomplishment" in US-China trade negotiations "in the whole history of US-China relations".

China stopped importing US beef in 2003 when mad cow disease became a problem for some herds. The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state.

Reuters' report also included the perspective of the semiconductor industry as stated by its trade group, Semiconductor Industry Association (SIA), which advocates open trade and increased access to worldwide markets that now buys 80 percent of USA -made semiconductors and because of the domestic industry's dependency on "a complex global supply chain".

The countries' statement also included a goal of opening China's market in electronic payments.

MasterCard welcomed the announcement, saying it looked forward "to having full and prompt market access in China".

Asia remains the top market for US beef shipments, selling $3.77 billion worth of beef cuts to Asia in 2016, out of USA exporters' total $6.34 billion.

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