China trade plan progress unveiled, but deficit benefits unclear

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 conditions must be consistent with global food safety and animal health standards and the 1999 Agricultural Cooperation Agreement.

While Trump has said that he was willing to agree to less favorable trade terms for the United States in trade negotiations with China in order to enlist China' support in stopping North Korea's aggressive nuclear and ballistic missiles programs, Ross said there was no "quid pro quo in these discussions".

With China's sky-high population, Miller said exporting beef bodes well for American ranchers.

Ari Giovenco, the Internet Association's director of trade and worldwide policy, said the agreement did not address obstacles facing USA cloud service providers in China.

The opening of the mainland China market to US beef and financial services may seem like a painful concession at first glance, but China may in fact have gotten the better part of the deal.

In an initial trade deal announced by both sides in their capitals, Beijing will allow USA beef, banned since 2003, into China by July, give American financial services firms access to the Chinese market, and may import American liquefied natural gas. "So we're hoping that these efforts which are being led by the Trump administration, and in particular Secretary Perdue, is a big step in the right direction".

Shares of Tyson Foods Inc, which sells both beef and chicken, rose 0.8 percent, while Pilgrims Pride Corp, the No. 2 US chicken producer, fell 1.3 percent. Chinese market means access to 1.4 billion new customers of USA beef.

The deal fully lifts the Chinese ban on US beef enacted due to fears of mad cow disease.

The opening of the bond market could bring in US institutional investors, which may stem the capital flight that troubles the Chinese government.

The US will import cooked Chinese poultry and, more significantly, send delegates to attend Beijing's Belt and Road Forum starting tomorrow.

"LNG prices have been very depressed in the US", the commerce secretary said.

NORTHAM: There may be more progress when negotiators from the U.S. and China meet again this summer to continue work on trade issues.

"We have been anticipating this announcement and have already been working to build key partnerships in China for Nebraska beef", said Nebraska Department of Agriculture (NDA) Director Greg Ibach.

"This is more than has been done in the whole history of US-China relations on trade", Ross said on Thursday.

China's 1.37 billion residents are projected to eat roughly 17.6 billion pounds of the meat this year, according to the U.S. Department of Agriculture's Foreign Agricultural Service.

"The 100-day talks are just a start", said Zhou Shijian, an worldwide relations professor at Tsinghua University in Beijing. "We're going to see a lot more trade dollars flow into the beef industry".

The United States also signaled that it was eager to export more liquefied natural gas, saying China could negotiate any type of contract with USA suppliers.

In exchange, the USA would allow the sale of cooked Chinese poultry - a move Ross said could be done safely.

Ross said there should be an impact on China's trade surplus with the United States by the end of the year.

Chinese companies can import liquefied natural gas from the US.

The Trump administration hopes this initial trade deal helps "bring down" the USA trade deficit with China - something President Trump emphasized on the campaign trail. -China trade deal opens China to United States beef & gas, but unlikely to have large impact on trade deficit.

China is turning more to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution.

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