Trump Team Hails US-China Trade Deal As 'Herculean Accomplishment'

Pablo Tucker
May 13, 2017

The last item of 10 listed in a joint statement says a USA delegation will attend an worldwide gathering in Beijing, beginning Sunday, that will showcase a plan by President Xi Jinping to invest in vast networks of ports, railways and roads in a bid to expand China's trade with Asia, Africa and Europe.

The countries have agreed that China will allow USA imports of beef by no later than July 16.

The United States will publish a proposed rule on importing cooked poultry from China by July 16, with shipments to begin as soon as possible.

The statement didn't appear to change access for Chinese companies to US natural gas exports, but welcomed China to receive shipments and engage in long-term supply contracts with American suppliers.

Foreign-owned firms will be allowed to offer credit-rating services in China by July 16.

American beef producers are ecstatic at the chance to sell meat to new markets in China under President Donald Trump's bi-lateral trade agreement announced Thursday. "This is great news for cattle producers, and we are appreciative of the Trump Administration for prioritizing USA beef". His tough talk had fueled fears of a potential trade war with Beijing. And sure, there's a good chance Xi Jinping is taking advantage of our Fox News grandpa-in-chief's dearth of geopolitical expertise in ways we don't yet understand. "You watch and you'll see".

Ross highlighted his expectation that the improved flow of trade with China will start lowering the nation's $347 billion trade deficit with China by the end of the year although he didn't provide any estimates of how much.

US Meat Export Federation USMEF welcomes today's announcement that the United States and China have reached a high-level agreement that will allow USA beef to reenter the Chinese market after a prolonged absence of more than 13 years.

The new deal does not touch on issues such as Chinese exports of steel and aluminum that are a growing source of discontent over trade.

This follows increased tension in the south-pacific between North Korea and the U.S over nuclear weaponry. We will continue to move forward", Chinese Vice Finance Minister Zhu Guangyao told a Beijing press briefing on Friday. The Commerce Department said the arrangements add diversity to the Chinese economy, while giving USA business sectors a broader reach. The ban was imposed in Y 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state. It will accept USA shipments of liquified natural gas.

"The meat industry has long sought access to the Chinese market for US beef, making today's announcement a significant and very welcome milestone", said Meat Institute Chairman and Bob Evans Farms President and CEO Mike Townsley. Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship overseas to Asia. "So it seemed weird, we have too much of it, it's much cleaner than coal would be, and yet we weren't really doing a big job of exporting it to China".

China is the top export market for US agriculture products, with the total value of exports rising by more than 1,100 percent since 2000 to $21.412 billion in 2016, so beef sales are potentially lucrative for USA exporters. The trade surplus that China rings up year after year is financed by Chinese loans to the USA government.

Asked the same question in Beijing, Mr Zhu said: "Our economic teams from both sides have a clear understanding that economic issues can not be politicised".

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