Expanded US Beef Sales to China a `Big Prize,' Spicer Says
- Author: Zachary Reyes Apr 12, 2017,
Apr 12, 2017, 20:53
Citing Chinese and United States officials involved in recent talks, theFinancial Times reported that Beijing had offered the Trump administration better market access for financial sector investments and USA beef exports.
Trump had promised to label China a "currency manipulator" on his first day in office, but his administration has moved slowly to follow through on many of his trade-related threats.
"Last week, President Trump, Secretary [Steven] Mnuchin and members of the economic team held substantive talks with President Xi and his team", a Treasury Department spokesman said.
The actions taken so far seem like conventional measures that former President Barack Obama employed, as the US brought 25 trade enforcement actions at the WTO, more than any other country, during his time in office.
The main success of the Florida meeting appears to have been the lack of public disputes, despite Trump warning ahead of time that trade issues would make the encounter "very hard".
Looking at the Treasury definitions, China would qualify as being a potential manipulator on grounds of a substantial trade surplus with the USA, but the other two criteria are not met.
After tweeting Saturday that he was sceptical China would give into his trade demands, U.S. President Donald Trump may be about to be surprised with American beef, grain and financial firms all being offered better access to Chinese markets, according to a report. Meat industry publication Meatingplace reports the opportunity for US beef exporters could be significant. He added, however, that "only time will tell on trade". "China trade deficit ... would be economically damaging to all parties involved", Kujis said.
On a brief visit to India during the last week of March, I spoke with trade experts who are concerned about the USA targeting countries with which it has significant trade deficits, because India is named as one of those countries.
The U.S. companies had been lobbying Congress to grant China most-favored-nation treatment every year before China joined the World Trade Organization in 2001, the CCG wrote.
This dynamic makes it much more hard for Treasury officials to prove Trump's long-held allegation that China is a "currency manipulator", and Schumer - a longtime critic of China's currency practices - said in the interview that "they are not manipulating their currency now". China's no HGP policy would mean the vast majority of USA fed cattle would be ineligible. He also claimed the country manipulated its currency to make its exports cheaper, damaging American businesses.
At the broadest measure, 40 million people work in export-related sectors in China today, 7 percent of non-farming employment, according to an estimate by UBS Group AG economists. Tyson declined to comment on the trade with China.