Deal Reached For Chinese Market Access For Beef By Mid-Summer

In 2003, China imposed an import ban on U.S. beef due to a case of mad cow disease in Washington state.

NORTHAM: For its part, the Trump administration will allow imports of cooked poultry from China. But trade experts questioned its magnitude, and the limited agreement on 10 items joins a list of tectonic shifts between the world's two largest economies.

Trade experts were quick to point out that the agreement, which largely focuses on agricultural goods, energy and financial products, does nothing for USA manufacturers, long a source of tension in the relationship with China.

"China just got a steady supply of liquefied natural gas, which will also reduce the deficit but not really add up to many, if any, U.S.jobs", said James McGregor, China chairman of APCO Worldwide. That's the deadline for resuming beef exports to China.

"It's going to increase beef prices and the perception of what people should be paying for beef, but it's also going to consolidate the market", he said".

"This administration has certainly made the agricultural community fairly nervous when it comes to its positions on trade", Dux said. "China relations on trade".

China agreed to give "full and prompt market access" to payments companies, like Mastercard Inc., Visa Inc. and American Express Co.

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

In financial services, China said it would begin allowing wholly foreign-owned financial groups to offer credit rating services in China by July 16.

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 has traditionally rejected beef reared using hormones and growth promoters, a stance it shares with the EU.

China imports about $2.5 billion in beef from other countries.

"We have been anticipating this announcement and have already been working to build key partnerships in China for Nebraska", Nebraska Department of Agriculture Director Greg Ibach said in a statement. Secretary of Commerce Wilbur Ross heralded the deal as a "herculean accomplishment".

America would also meanwhile allow nationwide companies to export natural gas in the liquefied state to China. Nebraska Cattlemen members have stepped up repeatedly to help foster a growing relationship with China.

Last year, the trade deficit with China reached $347 billion showed figures from the U.S. Treasury.

In 2016, the Governor led a trade mission to China to share the story of Nebraska beef with potential customers in anticipation of the market re-opening.

The Trump administration hopes this initial trade deal helps "bring down" the us trade deficit with China - something President Trump emphasized on the campaign trail.

It remains unclear how far China will go to allow more American exports.

  • Zachary Reyes