Published: Sat, May 20, 2017
USA | By Kelli Rowe

China To Begin Importing U.S. Beef

President Trump is also under extensive media scrutiny over his decision to fire FBI director James Comey, amid escalating investigation into the administrations connection with Russian Federation. Asian countries already make up some of the largest markets for US beef with Japan, Korea, Hong Kong and Taiwan making up four of the top six export markets, accounting for $3.6 billion in value in 2016.

The Chinese market is estimated to be worth $2.6 billion for the USA beef industry.

"I'm please to see the Administration fully engaged in trade discussions that could have tremendous benefits for agriculture", he said.

Under the beef agreement, China will allow imports on conditions consistent with global food safety and animal health standards and in accordance with the 1999 Agricultural Cooperation Agreement.

U.S. Secretary of Agriculture Sonny Perdue hailed the agreement between the United States and China on several key trade issues, most notably the return of American beef to the Chinese market after a hiatus that began in 2004.

Ross called the agreement a "herculean accomplishment" and argued the deal represented the biggest accomplishment in Washington-Beijing trade negotiations "in the whole history of US-China relations".

Japan and the US also held economic talks last month in Tokyo. Mr. Ross gave these details to the reporters at White House. "Normally, trade deals are denominated in multiple years, not tens of days".

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Foreign-owned firms will be allowed to offer credit-rating services in China by July 16. Later, Ross said the U.S.

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

Speaking in Beijing on Friday, Zhu Guangyao, Chinese vice-finance minister, said Sino-US negotiators were in contact "24 hours a day" because of the complexity of the negotiations.

Ross said the agreement would help to reduce the growing US trade deficit with China - the country's largest, totaling $347 billion in 2016 - and help lead to additional negotiations over the next year that could address other parts of the relationship.

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

Following implementation of the 100-day plan, DOC said the USA and China look forward to deepening engagement on these and other issues at the first meeting of the Comprehensive Economic Dialogue, to be held in the the summer of 2017. 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.

"For the 100-day plan to be credible it must address market access issues that impact US -based technology companies in China", Giovenco told Bloomberg BNA. "It's not as though this is going to wreck anybody's pocketbook".

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The deal will allow the export beef to China and the latter to export cooked poultry to the U.S. Furthermore, American firms will allow crediting services in China.

Ross highlighted his expectation that the improved flow of trade with China will start lowering the nation's $347 billion trade deficit with China by the end of the year although he didn't provide any estimates of how much. "We do not intend to endanger anybody's health or safety in the USA", he said.

Commerce Secretary Ross said the initial agreement, which would also open up the Chinese market to United States electronic payment services companies and help Chinese banks gain broader access to the American financial market, would help "bring down" Washington's trade deficit with Beijing, though he did not provide a precise estimate.

The Chinese market has been closed since 2003.

The two countries will hold high- level talks this summer to be led by Mr Ross, Treasury Secretary Steven Mnuchin and China's Vice-Premier Wang Yang, to work on a longer, one-year plan aimed at addressing USA trade concerns. More importantly, over the 16 years since it joined the WTO it has established a de facto state-controlled monopoly over the renminbi clearing market.

Beijing and Washington also agreed to discuss extending the initial 100-day action plan to a one-year plan.

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