Published: Sat, May 20, 2017
Business | By Max Garcia

China to import poultry, beef in new US trade deal

China to import poultry, beef in new US trade deal

Tensions have been stoked by President Donald Trump's aggressive rhetoric against Chinese exports and barriers to US goods and investment.

According to the officials of Trump's administration, it is a serious step.

Last year, the trade deficit with China reached $347 billion showed figures from the U.S. Treasury.

"Neither we nor the Chinese mentioned North Korea during the negotiations", he said.

Underscoring the shared emphasis on cooperation, the Trump administration's delegation to the Beijing conference is to be headed by Matt Pottinger, a special assistant to the president and senior director for east Asia at the National Security Council. "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing".

While the Trump administration regularly complains about America's nearly $350 billion trade deficit with China, the president and other administration officials have taken a less aggressive and confrontational stance on trade, especially as Beijing appears to be taking clear steps to rein in North Korea.

The Trump administration's announcement Thursday night that access to Chinese markets for USA beef will begin by July 16 is fanning the fires of optimism among US cattlemen.

Ellingson said the fact that there is a bookend this time gives her renewed hope that the door really is opening this time.

Trump praised the trade deal in a tweet Friday morning.

Uden said there'll likely be some adjustments in USA production but the industry is entrepreneurial and will find a way if there's value to be had. "I mean, he's a great guy".

In return, China would send a delegation to a United States meeting for foreign investors in July, with the Trump administration promising equal treatment for China despite a push in some circles in Washington for it to take a tougher line on Chinese investment, particularly in strategic sectors. We're announcing, jointly with the Chinese, the initial results of the 100-day action plan of the U.S.

"Both sides further committed to strengthening communication and coordination to jointly advance those issues and achieve resolution as soon as possible".

The agreement contains tangible gains that Mr Trump will be able to claim as wins.

In exchange, the USA would allow the sale of cooked Chinese poultry - a move Ross said could be done safely. "You watch and you'll see".

China will lift a ban on American beef and allow for its import no later than July 16.

By day 100, which is July 16, China agreed it would issue guidelines allowing card payment services that are USA owned to start their licensing process in an industry where UnionPay in China has been almost a monopoly. China will issue both bond underwriting and settlement licenses to two qualified USA financial institutions as well.

Some of those Chinese pledges echo ones made in the past. As for chicken, the complementary trade is one that Beijing has long pushed. That's up more than 40 percent in the past five years.

Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the measures were a good beginning but not a breakthrough.

As expected, China has granted a few token trade concessions to the Trump Administration, including allowing American beef to be imported into China for the first time in 14 years.

The agreement also includes opening a door for exports of US liquified natural gas.

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