USA

Deal Reached For Chinese Market Access For Beef By Mid-Summer

Deal Reached For Chinese Market Access For Beef By Mid-Summer

China has seen tremendous growth in beef demand over the last five years, and there's a lot of opportunity there for USA beef, said Kent Bacus, NCBA director of global trade and market access. According to the Washington Post, the 10-part agreement, announced by Secretary of Commerce Wilbur Ross, comes as part of an ongoing negotiation between the two countries following a meeting between President Trump and Chinese President Xi Jinping last month.

Trump hailed the deal Friday morning, calling it "real news".

In a Friday press briefing, White House press secretary Sean Spicer addressed some of the provisions of the trade agreement.

In truth, the trade wins build on market openings already under way.

It's been almost 14 years since China banned imports of US beef following the December 23, 2003 announcement that a Holstein cow had been diagnosed with BSE.

While the 10-point agreement is mainly about China's promises to open its market wider to USA firms and buy more of their products, Washington has also promised to facilitate Chinese bank entrance into the United States market and to allow sales of cooked poultry products.

Trump's provocative tweets ran the risk of weakening diplomatic ties with China, potentially jeopardizing decades of carefully calibrated USA diplomatic efforts to normalise relations. However, the quick progress signals a more pragmatic approach by the administration to dealing with trade tensions between the two countries, after months of saber-rattling and talk of a trade war.

There are many countries in Africa, including Nigeria and Egypt, that would be great markets for US producers.

"This was pretty much a herculean accomplishment to get this done", Ross said, praising the administration's latest achievements. Texas is the number one beef producing state in the union, twice as much as the second place.

Finance, security top G-7 talks
The meeting also coincided with news of a significant foray by the Trump administration into global commerce. Still, he and Mnuchin stressed how important the U.S.

But Scissors said that hammering friends and neighbors over trade balances while glossing over it with rivals could be counterproductive. After a World Trade Organization panel ruled against it in 2012, China issued new industry guidelines in 2015 that it said would clear the way for foreign firms. "That is bad policy - both in terms of trade and in terms of our diplomatic policy".

"The administration doesn't seem to understand the context of the relationships", Scissors argued.

The Information Technology & Innovation Foundation (ITIF), a nonprofit think tank, and the Internet Association, which represents companies such as Amazon.com Inc. and Dropbox Inc., said the administration must consider the digital economy in its plans for further trade talks with China or risk putting the US behind in advanced technology industries.

Cattle feeder Herman Shumacher said he hopes that exports to China will help bump up the U.S. cattle market but he said details are important.

The White House announced last week that an agreement has been reached that will restore US beef access to China.

"The US welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries", a joint statement read.

The issue now will be follow-through.

United States credit rating services, electronic payment services and bond underwriting businesses are now allowed into the Chinese market.

A case in point: Telecom ventures. He says China's industrial policy is discriminatory.


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