Published: Tue, May 16, 2017
Global News | By Stacy Ballard

Raising the Steaks: Ranchers Applaud Trump's China Trade Deal

Raising the Steaks: Ranchers Applaud Trump's China Trade Deal

The agreement would also streamline the evaluation of 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.

"This is more than has been done in the whole history of US-China relations on trade", Ross said. Being locked out of the world's largest market for 13 years, we welcome this announcement.

"I look forward to the day when we can serve President Trump and President Xi a dry-age, American-made, NY strip in Beijing".

In financial services, China pledged to grant market access to USA credit rating agencies and credit card companies and agreed to issue licenses to "two qualified United States financial institutions" for the interbank bond underwriting and settlement business.

The US will import cooked Chinese poultry and, more significantly, send delegates to attend Beijing's Belt and Road Forum starting tomorrow.

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Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the measures were a good beginning but not a breakthrough. Success in this arena will drive the US cattle market and increase demand for U.S beef.

"I am thrilled that China listened to Montana producers", he said.

Texas Ag Commissioner Sid Miller, who served on Trump's transition team, traveled to China to assist in the trade negotiations.

With China's sky-high population, Miller said exporting beef bodes well for American ranchers. It also grants more access to American credit rating agencies, bond underwriters and other financial service businesses.

In financial services, in turn, Beijing will also allow US -owned card payment services to begin the licensing process in a sector where China's UnionPay system has had a near monopoly. "China has made a few modest concessions that cost it very little, in areas strategically picked to maximize the political benefit to Trump", said Arthur Kroeber, managing director of Gavekal Dragonomics, an economic research firm in Beijing.

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China has traditionally rejected beef reared using hormones and growth promoters, a stance it shares with the EU. "Additionally, opening up Chinese markets to US natural gas will help to reduce flaring and create good jobs". Those projects need to secure long-term supply agreements to underpin their financing before construction can begin.

Ross, a billionaire who made his fortune investing in distressed assets, said the dialogue with China is an ongoing process, and these developments should help reduce the US trade deficit with China.

"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". But Mr Ross told reporters that it "will help us to bring down the deficit". Nebraska Cattlemen members have stepped up repeatedly to help foster a growing relationship with China. We look forward to providing almost 1.4 billion new customers in China with the same safe and delicious USA beef that we feed our families. The deal will also allow China easier access to the US banking system and let American energy companies export LNG to China, most of which it now buys from Russian Federation.

Under the accord, the United States invites Chinese companies to import US -produced liquefied natural gas.

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