U.S., China Strike Trade Deal On Beef, Poultry And Natural Gas
U.S., China Strike Trade Deal On Beef, Poultry And Natural Gas
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14 May, 2017, 01:00
The deal reaffirms a September agreement to reopen China to USA beef exports.
Sen. John Hoeven, R-N.D., who said the trade was vital to the success of farmers and ranchers, also touted the opening of Chinese markets to USA natural gas exports as part of the deal made by the Trump administration this week.
The latest trade deal is the culmination of several years of talks between trade officials representing the two countries and includes an agreement that the USA also be allowed to export liquified natural gas to China.
USA business groups had wanted the Trump administration to act against Beijing on market imbalances, but not push the two countries toward a trade war. "China relations on trade", Ross told reporters Thursday evening at the White House.
FILE - In this January 22, 2003 file photo, a Chinese shopkeeper stands behind a row of beef products at an open air market in Beijing, China.
"This will help us to bring down the deficit for sure", Sec. "So I'm quite relieved that we ad tangible achievements", Ross said, referring to Trump.
Commerce Secretary Wilbur Ross announced deals that will send US beef exports to China, allow Chinese imports of cooked poultry, expand USA electronic payment services and provide for faster regulatory approval of biotechnology products by Beijing.
Another is China's entry into the World Trade Organization in 2001, an event that caused a surge in Chinese exports to the United States and created an economic shock that caused the loss of more than 1 million factory jobs, according to research by economists David Autor, David Dorn and Gordon Hanson.
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Speaking in Beijing on Friday, Zhu Guangyao, Chinese vice-finance minister, said Sino-US negotiators were in contact "24 hours a day" because of the complexity of the negotiations.
"Because the unsafe 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".
He said last month he hoped to make progress with China in the short term. "This is more than has been done in the whole history of U.S". "This is great news for cattle producers, and we are appreciative of the Trump Administration for prioritizing USA beef".
U.S. Commerce Secretary Wilbur Ross told the FOX Business Network's Neil Cavuto, the deal takes three "gigantic" steps to chip away at the nation's crippling trade deficit. "As long as they can comply with the normal rules, they will get access".
The Chinese market is estimated to be worth $2.6 billion for the USA beef industry.
For the first time since the "Mad Cow" scare more than a decade ago, U.S. beef will soon be sold in China again. Ross said officials from Dow Chemical Co. gave assurances that increasing exports of natural gas wouldn't harm the USA industry or consumers if sales remained less than 30 percent of total output. It covers a range of long-standing barriers from agriculture to energy to the operation of American financial firms in China. So, there remains some uncertainty even about the deal's headline "win" for the U.S.
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