Ricketts: Nebraska will benefit from exporting beef to China

The deal was announced by President Donald Trump earlier this week.

The U.S. has been locked out of the world's largest beef import market for the past 13 years.

Most of the contentious issues, like barriers to US carmakers and product dumping by state-owned heavy industry, have yet to be addressed.

JACKIE NORTHAM, BYLINE: The deal is the result of trade talks that sprang from a meeting in April between President Trump and Chinese President Xi Jinping at Mar-a-Lago.

Following technical consultations between China and the US, China is to allow imports of US beef on conditions consistent with worldwide food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement.

USA beef producers and financial firms will get more access to Chinese markets in exchange for chicken imports and a potential opening for Chinese banks. Huge numbers of long-standing blockades in agricultural aspects, energy dealing including the operations of financial firms of the United States in China were covered by the meeting.

In a Bloomberg interview May 12, Commerce Secretary Wilbur Ross said that his department will now focus on developing a one-year trade plan with China.

Tyson Foods Inc, Cargill Inc and JBS are among the biggest exporters of USA meat. "China relations on trade", Ross told reporters Thursday evening at the White House.

Additionally, he explained the strategy behind creating the trade deal.

"We will continue to move forward", Chinese Vice Finance Minister Zhu Guangyao told a Beijing media briefing.

In one of the actions laid out under the agreement, by July 16, China agreed to issue guidelines that would allow USA -owned card payment services "to begin the licensing process". Previous administrations have hailed market-opening agreements only to be left disappointed. And there's some important elements to the agreement that they announced, but it is really just a first step.

"You've got more cattle coming into feedlots to meet that demand, they have to eat the corn product we have".

China has seen tremendous growth in beef demand over the last five years, and there's a lot of opportunity there for US beef, said Kent Bacus, NCBA director of worldwide trade and market access. He's argued that America's perennial trade gaps have cost millions of factory jobs and he has pledged to take a tougher stance in trade negotiations to lower the imbalances.

The United States also signaled that it was eager to export more liquefied natural gas (LNG), saying China could negotiate any type of contract, including long-term contracts, with US suppliers.

Ross said officials from Dow Chemical Co. gave assurances that increasing exports of natural gas wouldn't harm the USA industry or consumers if sales remained less than 30 percent of total output. China is attempting to turn to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution.

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. "It's not as though this is going to wreck anybody's pocketbook".

The decision to lift by no later than July 16 a ban on imported American beef imposed in 2003 over mad cow disease concerns is good news for Chinese consumers, said Peking University professor Yu Miaojie.

"With the rising standards of living there [China], it's pretty clear that this already big $2.5 billion market could grow very rapidly", Ross said during an interview with Maria Bartiromo on "Sunday Morning Futures". "We do not intend to endanger anybody's health or safety in the USA", he said. The areas dealt with in the initial agreement represent export opportunities that American companies have long sought. In agreements with other countries, China has stipulated several requirements, including cattle age, no use of growth promotants and individual animal identification, among others. That's up more than 40 percent in the past five years. The two sides may extend the plan from 100 days to one year. Get twice-daily updates on what the St. Louis business community is talking about.

The agreement covers 10 areas where negotiators from the two sides have reached consensus, including agricultural trade and the issuance of both bond writing and settlement licenses to two qualified US financial institutions.

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