U.S., China reach deals on access for beef, financial services

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13 May, 2017

The United States also signaled that it was eager to export more liquefied natural gas, saying China could negotiate any type of contract with US suppliers. China will allow USA imports of beef no later than July 16, while the United States will issue a proposed rule to allow Chinese cooked poultry to enter US markets.

Nebraska's farmers and cattlemen cheered a new China-U.S. trade deal announced Friday that will help sate the growing Chinese appetite for beef.

The White House announced that it had agreed with China on increasing the access of American goods and services to the Chinese market, Interfax reports on Friday. He said foreign players would continue having a hard time gaining traction in China.

By mid-July at the latest, China will accept shipments of US beef, said a US Department of Commerce news release.

Vice commerce minister Yu Jianhua, one of China's top trade negotiators, was effusive in his description of the USA administration, something not often heard from Beijing.

Reuters' report also included the perspective of the semiconductor industry as stated by its trade group, Semiconductor Industry Association (SIA), which advocates open trade and increased access to worldwide markets that now buys 80 percent of us -made semiconductors and because of the domestic industry's dependency on "a complex global supply chain". Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship gas to Asia.

But a report by Capital Economics consultancy saw "paltry trade benefits" from the deal because it would amount to "just a few billion dollars".

FILE - In this January 22, 2003 file photo, a Chinese shopkeeper stands behind a row of beef products at an open air market in Beijing, China. The agreements will also help reduce Washington's trade deficit with Beijing.

Secretary of Commerce Wilbur Ross says he doesn't expect the Chinese poultry imports to make a major impact on American markets. Following an outbreak of Bovine Spongiform Encephalopathy - or mad cow disease - in the early 2000s, China - which imported more than $60 million of beef at that time - closed its borders to American red meat. We look forward to providing almost 1.4 billion new customers in China with the same safe and delicious USA beef that we feed our families.

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Regaining access to China, the world's most populous country with 1.4 billion people, has been a key goal of American cattle farmers and long a demand of U.S. policymakers.

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

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

The market for beef in China is estimated to be worth $2.6 billion, a potential goldmine for Nebraska, the nation's top state for cattle on feed with $1.126 billion in beef exports previous year alone.

As part of the agreement, the US recognized "the importance of China's One Belt and One Road initiative", and will send delegates to attend the Belt and Road Forum in Beijing on May 14-15, according to the joint statement.

Chinese chicken exporters also welcomed the plan, which could end limits on the poultry-product trade on both sides.

"This should lead to full and prompt market access".

China will also allow wholly foreign-owned financial services firms to provide credit rating services in the Asian giant.

The WTO ruled against Beijing in 2012 for allowing only its state-owned company, UnionPay, to provide electronic payment services.


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