Details of US-China trade agreement

"After being locked out of the world's largest market for 13 years, we strongly welcome the announcement that an agreement has been made to restore USA beef exports to China", the National Cattleman's Beef Association said in a statement.

Ross said the agreement would help to reduce the growing USA trade deficit with China - the country's largest, totaling $347 billion in 2016 - and help lead to additional negotiations over the next year that could address other parts of the relationship.

Some Minnesota farmers woke up to good news Friday morning, and it came all the way from Beijing.

In a win for US agriculture, the deal opens China to USA beef exporters, who have long wanted access to its more than 1.3 billion people. The measures include the lifting of a 2003 ban on importing American beef linked to concerns about "mad cow" disease, and China being allowed to send cooked poultry to the US.

The agreement would also streamline the evaluation of pending US biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China and facilitate the entrance of Chinese banks into the USA banking market, among other measures.

He said last month he hoped to make progress with China in the short term.

"This was pretty much a herculean accomplishment to get this done", he said.

Cooked chicken and duck from China will be allowed to enter the US.

"That's an open door for huge business potential for US companies", said Shen Jianguang, chief Asia economist at Mizuho Securities.

In return, the US and China are to resolve outstanding issues for the import of China-origin cooked poultry to the soon as possible after reaching consensus. It will also lower long-standing barriers that have affected matters ranging from agriculture to the operation of American financial firms in China.

"Companies from China may proceed at any time to negotiate all types of contractual arrangement with US LNG exporters, including long-term contracts, subject to the commercial considerations of the parties". The agreements will also help reduce Washington's trade deficit with Beijing.

A decision by China to lift the beef embargo on the USA has a Kentucky cattle group optimistic. For example in electronic-payment services, China has already leapfrogged the United States in many ways.

During his confirmation hearing Ross said he was "very, very concerned" about the Communist China plan to invest $150 billion to domestic semiconductor production from 2015 to 2025.

WASHINGTON (AP) — Beijing will open its borders to US beef, while cooked Chinese poultry is closer to landing on American supermarket shelves under a U.S. Despite the fact that experts have described the trade deals as a bit prosaic, noting that China was on the verge of lifting its beef ban late previous year, Ross seems to believe that the agreements mark a pinnacle in the history of US-China relations.

China had conditionally lifted its longstanding import ban on American beef past year, but few purchases have been made. China is the second largest consumer of beef in the world.

"Trump is not interested in China going into the USA market, but the USA going into the China market", said Douglas Paal, vice-president for studies at the Carnegie Endowment for International Peace, a Washington think tank.

The total amount of U.S. LNG that has so far been shipped to China is just over 0.6 million tonnes, or 1.4 billion cubic meters. Success in this arena will drive the US cattle market and increase demand for U.S beef.

  • Leroy Wright