United States and China Take First Steps in Trade Deal

Texas is the number one beef producing state in the union, twice as much as the second place.

"USMEF and its members greatly appreciate the efforts of the Trump administration and officials at USDA and USTR that made today's announcement possible".

Under the announced deals, China will import USA beef and poultry and will accelerate consideration of US applications to sell bioengineered seeds in China. Total global beef exports from the U.S. totaled $6.6 billion in 2016, according to the U.S. Meat Export Federation.

"This administration has certainly made the agricultural community fairly nervous when it comes to its positions on trade", Dux said.

The two superpowers have agreed a ten-point trade agreement, which will see the Chinese market open to U.S creditors and credit card companies.

"The Commerce Department's announcement that they have reached an agreement with China to open its markets to USA beef and natural gas is good news for North Dakota's top industries - agriculture and energy", Hoeven said.

The agreement covers 10 areas where trade negotiators from the US and China have reached consensus, including agricultural trade and market access for financial services.

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". Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship overseas to Asia.

He estimated the agreements would result in an improvement in the US trade deficit with China by the end of the year.

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.

But while the agreement touches on numerous trade barriers American companies have long complained about, it remains to be seen how far China will go to allow more American exports. Previous administrations have hailed market-opening agreements only to be left disappointed.

"That's an open door for huge business potential for US companies", said Shen Jianguang, chief Asia economist at Mizuho Securities.

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"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. "American companies, workers, farmers and more are eager for more access to Chinese markets and they'll look to ensure reality matches the rhetoric of these promises", Mulhauser said.

Although Mr Trump and his aides still complain regularly about the more than $300bn U.S. trade deficit with China the new United States president has begun to express a greater appreciation for the complexities of geopolitics.

The deal will also allow Chinese companies to buy liquified natural gas from the United States.

"Clearly China, whose banks are among the largest in the whole world, wants access to the U.S. banking market", he said.

China is turning more to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution. It's at least a $2.5 billion market that's being opened up for US beef. "If you look at it on a historical basis, there's plenty of room to go back up", he said.

Under the agreement, China will accept beef from the U.S., effectively ending the 14-year ban on American beef that began with an outbreak of mad cow disease in the United States in 2003. "This will help us to bring down the deficit for sure", said Wilbur Ross, the U.S. commerce secretary.

"I spent 11 days in China", Miller said in an April interview with EverythingLubbock.com.

China was the 21st largest market for U.S poultry exports in 2016, purchasing only $33 million out of a total $3.875 billion of USA poultry exports.

US President Donald Trump.

Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done. That's up more than 40 percent in the past five years. "Clearly both leaders are more interested in getting things done, rather than talking about them", said Prof Zhao, a USA expert from Tsinghua University.

"China and the USA should cooperate in bilateral economic areas, but also step up policy coordination in the economy in a wider range of the world".

  • Darren Santiago