A new trade deal between the us and China will allow the U.S.to break back into that beef market.
Commerce Secretary Wilbur Ross hailed the agreement, coming on the heels of President Donald Trump's April meeting with President Xi Jinping, as "a herculean accomplishment".
The trade deal also lowers barriers on the operation of USA financial firms in China. This time, China promised to allow American beef into the country after one more round of technical consultations, and no later than July 16, according to the joint statement. China has reportedly avoided USA -imported beef since 2003 because of concerns about mad cow disease and hormone use. "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".
"China just agreed that the USA will be allowed to sell beef, and other major products, into China once again". "This is great news for cattle producers, and we are appreciative of the Trump Administration for prioritizing USA beef". "China relations on trade", Ross said.
The beef exports and electronic payments in the agreement have always been promised by China.
Pakistan signs nearly $500m in China deals at Silk Road summit
The spokesman also reaffirmed India's opposition to a Chinese-Pakistani economic corridor that runs through disputed Kashmir. The two countries, however, sealed a deal Friday for China to export cooked poultry to America and resume U.S. beef imports.
"The challenge is selling manufactured goods into China - there isn't anything in this deal to suggest China is going to become more open to USA -manufactured exports", said Brad Setser, a senior fellow at the Council on Foreign Relations.
The liquefied natural gas tanker Asia Vision left Cheniere Energy's Sabine Pass export terminal in 2016 with the first cargo of USA shale gas. The move would allow China to diversify its supply and provide a significant market for American suppliers - though the expansion could boost prices for US consumers.
The US in exchange will allow cooked Chinese poultry to enter US markets.
The U.S. commerce chief said the deal will help reduce the U.S. trade deficit with China, which reached almost $350 billion a year ago. The areas dealt with in the initial agreement represent export opportunities that American companies have long sought. "China is the second-largest beef importer in the world, buying roughly $2.6 billion of beef every year". The deficit with China represented about 60 percent of the total USA deficit a year ago of $500.6 billion.
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. The Obama administration continued that effort but reduced the frequency of the talks to once a year.
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