Nebraska Cattlemen Welcome Historic Reopening of China to US Beef
- Author: Julie Sanders May 13, 2017,
May 13, 2017, 22:52
By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter USA markets, Sec.
The deals are the first concrete results of trade talks that began last month after President Donald Trump and Chinese President Xi Jinping met in Florida to discuss cooperation between the world's two largest economies.
Trump made America's wide trade deficits and especially the gap with China a major issue in his campaign and during the early days of his administration.
For example, notable for its absence was anything related to the US steel industry, which has been promoted by President Donald Trump.
Because of the numerous harvest plants in Nebraska, this announcement will impact all Nebraska beef producers more than any other state in the U.S. Currently, product equivalent of 2600 head of cattle is exported worldwide from Nebraska every day. "This is REAL news!"
Beijing and Washington also said Thursday that they will open a comprehensive economic dialogue this summer with the aim of working out a yearlong plan. "I think the strongest pillar of any strategy going forward has to be our government helping to create an environment where we can pedal faster and stay as far ahead as possible". "This was pretty much a herculean accomplishment to get this done". It's at least a $2.5 billion market that's being opened up for USA beef.
"We are excited about U.S. trade policies and I think you probably saw we made an announcement of a 100 day economic plan with the Chinese so I think we're very happy with how were proceeding with the Chinese", Mnuchin said.
"The nature of this relationship is mutually beneficial".
NORTHAM: There may be more progress when negotiators from the US and China meet again this summer to continue work on trade issues.
Candidate Trump promised to label China as a currency manipulator and slap a 45% retaliatory tariff on the country's exports.
That could make American cattle even more valuable in the future.
The latest trade deal is the culmination of several years of talks between trade officials representing the two countries and includes an agreement that the USA also be allowed to export liquified natural gas to China.
China banned USA beef following a case of mad cow disease in the United States in 2003. "The end of this embargo will re-open a large market for Kentucky beef producers that has always been closed". The Energy Department has authorized natural gas shipments of 19.2 billion cubic feet per day to China and other interested countries that lack a broader free trade agreement with the United States, the Commerce Department said.
Lack of infrastructure along USA coastlines to allow for overseas gas shipments means it could take time for economic benefits to US energy companies to materialize, said Jake Parker, vice president of the U.S. He said China is now the second largest consumer of beef in the world.
China will also allow wholly foreign-owned financial services firms to provide credit rating services in the Asian giant.
"Clearly China, whose banks are among the largest in the whole world, wants access to the U.S. banking market", Ross was quoted as saying by CNBC.