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Published: Mon, May 22, 2017
Economy | By Melissa Porter

China, US reach agreement on beef, poultry and natural gas

China, US reach agreement on beef, poultry and natural gas

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

The deals represent the first results from 100 days of talks related to trade that started in April when a meeting was held between President Donald Trump and President Xi Jinping that proved much friendlier that expected after the presidential campaign of past year, but an immediate impact remained unclear.

The North American Meat Institute commended the administration today following the announcement of a deal with the Chinese government to resume imports of US beef effective July 16, 2017.

"This will let China diversify, somewhat, their sources of supply and will provide a huge export market for American LNG producers", Ross said.

The agreement would also streamline the evaluation of pending USA biotechnology product applications and facilitate the entrance of Chinese banks into the United States banking market. There, the Americans had also wanted a preliminary 100-day plan, but the Japanese apparently refused.

Chinese Vice Foreign Minister Zhu Guangyao, speaking at a press conference in Beijing, said economic issues should not be politicized and the action plan is "mutually beneficial".

The US Meat Exporters Forum welcomed the high level agreement to allow US beef to re-enter the Chinese market. "It was a result of cooperation and reflected the expectation of the people of the two countries", Zhu told reporters at a news conference.

Following technical consultations between China and the US, China is to allow imports of US beef on conditions consistent with global food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement.

"This was pretty much a herculean accomplishment to get this done", Ross said, praising the administration's latest achievements.

Ross said there should be an impact on China's trade surplus with the United States by the end of the year. "You watch and you'll see".

The deal will also allow Chinese companies to buy liquified natural gas from the United States.

"After pushing the president to stand up for our ranchers, I'm encouraged that China has agreed to open up its market to our high-quality beef", Heitkamp said.

"Clearly China, whose banks are among the largest in the whole world, wants access to the USA banking market", he said. "American companies, workers, farmers and more are eager for more access to Chinese markets, and they'll look to ensure reality matches the rhetoric of these promises". The ban was imposed in 2003 due to a case of bovine spongiform encephalopathy (BSE), or mad cow disease, in Washington state.

Negotiations to lift the ban started last September while President Obama was still in office, and President Trump supported the move after meeting with China's president last month. -China trade agreement. Trump administration officials hailed the deal as a significant step in their efforts to boost USA exports and even America's trade gap with the world's second-largest economy.

National Cattlemen's Beef Assn.

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