China To Begin Importing U.S. Beef

China To Begin Importing U.S. Beef

China had conditionally lifted its longstanding import ban on American beef a year ago, but few purchases have been made. In exchange, the US would allow the sale of cooked Chinese poultry-a move Ross said could be done safely.

In a tweet, President Trump said China agreed to allow the U.S.to sell beef and other major products in China.

A month following the Presidential Summit, the two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy.

The same deadline was set for the U.S.to accept cooked poultry from China.

On the Chinese side, the deal would open the USA market to cooked poultry imports from China and give Chinese banks operating in the US the same regulatory and supervisory treatment as other banks. -China trade deal, the idea that us will import cooked chicken from China. "This will help us to bring down the deficit for sure", said Wilbur Ross, the U.S. commerce secretary.

In financial services, in turn, Beijing will also allow USA -owned card payment services to begin the licensing process in a sector where China's UnionPay system has had a near monopoly. Still, they represented the first negotiated pact on trade for Trump, who campaigned on promises to get tough on China on trade before softening his tone as he's sought cooperation on North Korea.

"We believe that Sino-U.S. economic cooperation is the trend of the times", Chinese Vice Finance Minister Zhu Guangyao told reporters in Beijing. He says China's industrial policy is discriminatory. "Additionally, opening up Chinese markets to USA natural gas will help to reduce flaring and create good jobs".

U.S. Commerce Secretary Wilbur Ross said the agreement was "very big news".

Final terms are expected to be met and the market reopened no later than July 16.

Senate Agriculture Committee Chairman Pat Roberts, R-KS, said in a statement, "I'm pleased to see the Administration fully engaged in trade discussions that could have tremendous benefits for agriculture". "But that piece is very encouraging to US beef producers". China is reopening its doors to US beef. China is the second largest importer of beef in the world, which is why it is so important that this market opens up to US cattle producers.

"It's impossible to overstate how beneficial this will be for Minnesota's cattle producers", said Ashley Kohls.

"The meat industry has long sought access to the Chinese market for USA beef, making today's announcement a significant and very welcome milestone", said Meat Institute Chairman and Bob Evans Farms President and CEO Mike Townsley. "We're looking forward to seeing just how high this demand can go", he said. "That could be huge to our cattle producers".

Shipping data on Thomson Reuters Eikon shows that the first ever U.S. LNG tanker arrived in China in August 2016, followed by another eight cargoes shipped between December and March. Ross said a deal for coal exports to China wasn't likely, given the far shipping distances.

It's the first list of commitments between the USA and China stemming from the nations' 100-day action plan, which President Trump and Chinese President Xi Jinping discussed at Trump's Mar-a-Lago estate in April.

Tyson Foods, Pilgrim's Pride and Sanderson Farms are the top three US chicken producers.

"China is in the midst of a devastating and deadly bird flu outbreak that has claimed the lives of more than 200 people and required poultry farmers to kill more than 400,000 chickens".

But China's food safety system still needed clearance from the Agriculture Department before chickens could be sent here.

The North Dakota Stockmen's Association also approved of the deal. It was Joshua Meltzer, a senior fellow at the Brookings Institution. Basically, we won't even have a rule on how these imports will take place until mid-July, and then it's anywhere after that. And the agreement does little to address some key issues of trade friction, such as automobiles or social media. The agreements will also help reduce Washington's trade deficit with Beijing.

He estimated the agreements would result in an improvement in the USA trade deficit with China by the end of the year. In response, many countries, including South Korea, Japan, Mexico and China, banned imports of US beef.

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