Trade deal feeds China taste for beef


"To make sure our ranchers and farmers have access to this market, it's vital that we hold China to its trade commitments - whether it's allowing imports of our beef or making sure China isn't unfairly subsidizing its domestic products".

President Trump tweeted about the deal on Friday, saying in part, "China just agreed that the USA will be allowed to sell beef, and other major products, into China once again".

The disclosure of the deals on Thursday evening (May 11) - which included an announcement that Washington would be represented at a forum in Beijing devoted to President Xi Jinping's ambitious "One Belt, One Road" global investment initiative - suggests that the Trump administration is trying to smooth relations with Beijing despite President Trump's harsh anti-China language on the campaign trail.

The two sides didn't discuss whether the US would join the Asian Infrastructure Investment Bank, Ross said.

By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter USA markets, Ross told reporters at a briefing.

U.S. credit rating services, electronic payment services and bond underwriting businesses are now allowed into the Chinese market. "Beef producers in North Dakota and the nation are thankful to the Trump administration for making restoration of USA beef market access in China a priority". Trump has since softened his tone as he's sought the country's cooperation in mitigating the nuclear threat from North Korea.

The President hailed the agreement Friday, tweeting, "China just agreed that the US will be allowed to sell beef, and other major products, into China once again".

In financial services, China pledged to grant market access to United States credit rating agencies and credit card companies and agreed to issue licenses to "two qualified USA financial institutions" for the interbank bond underwriting and settlement business. But trade experts questioned its magnitude, and the limited agreement on 10 items joins a list of tectonic shifts between the world's two largest economies. "The two sides chose to press ahead with this economic plan and the fact that much progress has been made in a short amount of time shows. we can establish more cooperation for the joint benefit of the people", he said. But he can at least savor a breakthrough in his most important but contentious trade relationship. "Clearly both leaders are more interested in getting things done, rather than talking about them", said Prof Zhao, a U.S. expert from Tsinghua University.

Visa said in an emailed statement 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.

The two countries will hold high- level talks this summer to be led by Mr Ross, Treasury Secretary Steven Mnuchin and China's Vice-Premier Wang Yang, to work on a longer, one-year plan aimed at addressing United States trade concerns.

Ag Secretary Sonny Perdue says the process to re-open beef trade started with the recent meeting between President Trump and the Chinese President and so this is just the next step.

As part of the deal, the US agreed to start taking imports of cooked poultry by July 16, and the USA will be able to export liquefied natural gas to China. It's at least a $2.5 billion market that's being opened up for USA beef.

DOC said both sides also identified other issues that will require significant effort to resolve and achieve progress on within the 100-day period.