Published: Sun, May 14, 2017
Money | By Armando Alvarado

US Beef Regaining Access to China

US Beef Regaining Access to China

While the Trump administration regularly complains about America's nearly $350 billion trade deficit with China, the president and other administration officials have taken a less aggressive and confrontational stance on trade, especially as Beijing appears to be taking clear steps to rein in North Korea.

Chinese companies can negotiate for long-term contracts to source liquefied natural gas from U.S. suppliers, the U.S. Commerce Department said. "You watch and you'll see". US industry groups value the Chinese beef-import market at about $2.6 billion.

Commerce Secretary Wilbur Ross announced Thursday night that the USA was greenlighting Chinese chicken imports and getting US beef producers access to China's almost 1.4 billion consumers.

U.S. credit rating services, electronic payment services and bond underwriting businesses are now allowed into the Chinese market. "It's been a long, hard path getting recognition from their government to accept our product back, even though we have a safe wholesome product and have proven that time and time again. We will continue to move forward", Chinese Vice Finance Minister Zhu Guangyao told a Beijing media briefing. Trump made renegotiating trade terms between the United States and China a key plank of his presidential campaign, and said last month he hoped to make progress with China in the short term.

US President Donald Trump. Trump has since softened his tone as he's sought the country's cooperation in mitigating the nuclear threat from North Korea.

While it is uncertain how the new agreements will narrow the trade gap, Beijing's concessions have offered Trump some concrete results he can show to his domestic audience.

These talks represent the latest effort to resolve contentious trade issues between the world's two largest economies in a process that began during the administration of George W. Bush under Treasury Secretary Henry Paulson.

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However, while the two largest economies in the world agreed to a number of new steps to be taken before July 16, it is still not clear if the new deals will increase trade over the short-term. But he can at least savor a breakthrough in his most important but contentious trade relationship.

China "was a $750 million market just a few years ago, and now it's essentially zero".

As expected, China has granted a few token trade concessions to the Trump Administration, including allowing American beef to be imported into China for the first time in 14 years.

"China is in the midst of a devastating and deadly bird flu outbreak that has claimed the lives of more than 200 people and required poultry farmers to kill more than 400,000 chickens". And it's not the first time China has said it was opening the door to USA beef - they have been saying they would do so for 14 years now. The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state. China will finally open its borders to US beef while cooked Chinese poultry is clos.

Visa said in an emailed statement that it looked forward to submitting an application for a bank-card clearing institution license, which, "once granted", would allow it to support economic development in China.

"We look forward to providing almost 1.4 billion new customers in China with the same safe and delicious USA beef that we feed our families".

The countries have agreed that China will allow USA imports of beef no later than July 16. A huge, fast-growing Chinese market has opened up for these companies. "This is more than has been done in the whole history of US-China relations on trade".

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