President Donald Trump has made closing the USA gap with China - it totaled $347 billion previous year - one of his major policy goals. The agreement also suggests that American firms will soon be able to sell liquid natural gas on the Chinese market, while American and Chinese regulators will cooperate in oversight of financial transactions, and Chinese safety reviews of American biotechnology applications will be expedited.
The US in exchange will allow cooked Chinese poultry to enter US markets.
While Trump had earlier said China could receive more favorable trade terms from the U.S.in return for help in persuading North Korea to cease its nuclear and missile activities, Zhu downplayed any suggestion of a link between the two. In addition, NCBA expects China would be interested in the same beef products popular in other Asian countries - products that don't see high demand in the US - boosting the overall value of a carcass, he said. They agreed a deal needed to be reached within 100 days or by July 16.
WILBUR ROSS: It was pretty much a Herculean accomplishment to get this done. The U.S. has emphasized its safe production system, and most concerns have been addressed, he said.
"Because the risky foot-and-mouth disease (FMD) is endemic in China, we need assurances from the Secretary of Agriculture that we are not entering a quid pro quo with China as we did with Brazil, with which we agreed to relax our FMD restrictions in return for renewed access to the Brazilian market".
China will finally open its borders to US beef while cooked Chinese poultry is closer to hitting American supermarket shelves as part of a U.S.
Kentucky is the largest beef cattle producer east of the Mississippi River with more than 1 million beef cows.
ROSS: It's a very big market. We're announcing, jointly with the Chinese, the initial results of the 100-day action plan of the U.S.
For example: China will review eight pending US biotech product applications that they have been on hold, but no guarantee to approve them ... Ross says the Department of Agriculture believes this will not cause major harm to the USA poultry industry.
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The record gain was a 6.2 percent advance in March, bringing year over year price increases to 32 percent. Housing markets in the Greater Golden Horseshoe also saw similar percentage increases.
Exports account for more than $300 per head of finished beef cattle slaughtered in the US, and that value will continue to grow with China in the market.
Scott Kennedy, a China specialist at the Center for Strategic and International Studies here in Washington, says the deal is.
"Negotiating market access for US beef products into China has been a prolonged effort, and I will remain cautiously optimistic until I see the first shipment of American beef land in China".
"The more these agreements include real, concrete outcomes rather than platitudes, rehashing old ground or punts to the future, the better they are".
"With over 95 percent of the world's consumers living outside of the USA, access to foreign markets is critical to growing good-paying jobs and maintaining Montana's strong economy", he said.
The US administration was "excited" about Washington's trade policies, said US Treasury Secretary Steven Mnuchin as he arrived for a meeting of G7 finance ministers in Italy.
China's ban on US beef dates to 2003, following an outbreak of the bovine spongiform encephalopathy ('mad cow's disease).
KENNEDY: And that's not just for traditional industries like steel and aluminum.
Many U.S. agriculture leaders hailed the agreement, including secretary of agriculture Sonny Perdue. We've been working closely with this administration in the process and will continue to be engaged as negotiations are finalized.
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