Published: Thu, May 18, 2017
Markets | By Noel Gibbs

Athens farmer concerned over China beef trade deal

Athens farmer concerned over China beef trade deal

Late last week the White House announced a deal with China that will resume USA beef exports to China to begin no later than July 16th, following an additional round of technical trade consultations.

Under the deal announced by the Trump administration on 11 May, China agreed to resume imports of U.S. beef by 16 July. The move would allow China to diversify its supply and provide a major market for American suppliers, though the expansion could lead to higher prices for USA consumers.

Under the newly announced deals, China set a deadline for fulfilling its promises to allow American beef and said it would speed up consideration of pending American applications to offer bio-engineered seeds in China.

Commerce Secretary Wilbur Ross hailed the agreement, coming on the heels of President Donald Trump's April meeting with President Xi Jinping, as "a herculean accomplishment".

The agreement would also streamline the evaluation of pending United States biotechnology product applications and facilitate the entrance of Chinese banks into the U.S. banking market.

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The U.S. and China agreed to take action before mid-July that will increase access for financial companies from the expand trade in chicken and beef amongst other steps as Washington continues its push to cut the trade deficit with China. It will increase the demand for USA beef.

"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 March, the US supplied 7 percent of China's imported LNG, according to trade data.

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. That round will determine the protocol for access, and it is yet unknown how much of the current USA beef production would be eligible.

Shortly after the meeting by Trump and Xi, the US president said he told Xi he would give China a better trade deal if it helped to rein in its neighbor North Korea.

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Trade experts outside government also questioned the magnitude of the deal.

"The more these agreements include real, concrete outcomes rather than platitudes, rehashing old ground or punts to the future, the better they are", Mulhauser said.

The two countries have also agreed to hold talks this summer to be led by Ross, Treasury Secretary Steven Mnuchin and Vice Premier Wang Yang to work on a one-year plan. "As long as they can comply with the normal rules, they will get access".

However, the comments and rhetoric has softened toward China the last month and Trump expressed admiration for the President of China saying he wanted China to help deal with the nuclear threat from North Korea. "China Comprehensive Economic Dialogue".

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