China, US seal trade deal as ties warm
As global trade becomes increasingly more important to the future of Kentucky agriculture, this decision allows our farmers access to a market of 1.3 billion people that has been unavailable for over a decade.
The U.S. government has reached agreement with China to ship beef and promote market access for other American products such as natural gas, and financial services.
“What this agreement will mean is opening the door for US beef to 1.4 billion customers”, Ellingson said.
Area producers believe once China starts to get USA beef again that there will be a significant increase on the entire cattle industry.
Secretary of Commerce Wilbur Ross says he doesn’t expect the Chinese poultry imports to make a major impact on American markets.
The Trump administration parked its get-tough rhetoric on trade with China to trumpet an agreement on beef and energy exports with Beijing, even as the White House continues to rail against supposed abuses by friendly countries like Mexico and Canada.
Nebraska Department of Agriculture International Trade Director Stan Garbacz will visit China next week to lobby for Nebraska beef.
But his approach has been much more diplomatic than he previously insinuated.
But since he hit it off with Chinese President Xi Jinping last month, he has dropped the idea of labelling China a currency manipulator. Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the measures were a good beginning but not a breakthrough.
China represents 12 percent of the world beef trade and has a growing appetite for beef, he said. That’s the deadline for resuming beef exports to China. In return, the United States agreed to open its market to Chinese cooked poultry.
The deal that opens up China to US beef while giving Uncle Sam some Chinese chicken.
Ellingson and Steinbeisser, too, expressed confidence that the quality of USA beef would make the Chinese grade and overcome any remaining barriers that might exist. With just one more round of technical consultations between the USA and China, American beef will once again be China-bound.
Meanwhile, the US will support Chinese procurement of liquefied natural gas and send representatives to attend China’s Belt and Road Forum in Beijing, which begins Sunday. “Those people are very important to our business, so the more we can put into other peoples’ mouth, the better off it is”, Borror said. The deficit with China represented about 60 percent of the country’s total deficit previous year of $500.6 billion.
And it will give “full and prompt market access” to US-owned suppliers of electronic payment services, including credit and debit card transactions – something China had already said it would do in 2015 after losing a case at the World Trade Organisation.
“Both sides have a deep and close understanding that the U.S”.
Both sides will hold the first meeting of the Comprehensive Economic Dialogue during the summer this year.