China, US reach agreement on beef, poultry and natural gas

China, US reach agreement on beef, poultry and natural gas

The United States also signaled that it was eager to export more liquefied natural gas, saying China could negotiate any type of contract, including long-term contracts, with USA suppliers.

China banned USA chicken imports, including chicken claws considered a delicacy in the Asian market, after a 2014 bird-flu outbreak; the US has intermittently limited Chinese poultry imports because of health standards.

What is far less clear is whether Trump's first deal with China will do much to narrow the USA trade deficit, which stood at $347 billion previous year.

For U.S. gas drillers, China provides a potential customer base beyond countries such as Japan and South Korea, where the long-term demand outlook is bleak due to mature economies, rising energy efficiency and falling populations.

According to a USA announcement the two sides had also agreed to discuss extending that initial 100-day period into a one-year plan.

US Commerce Secretary Wilbur Ross hailed the agreement as "a Herculean accomplishment" forged in record time.

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.

"Both sides have a deep and close understanding that the U.S".

Nebraska Department of Agriculture International Trade Director Stan Garbacz will visit China next week to lobby for Nebraska beef.

Beijing will open its borders to US beef, while cooked Chinese poultry is closer to landing on American supermarket shelves under a U.S.

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.

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Announcing the deal, Commerce Secretary Wilbur Ross said that the USA would be sending a delegation to China to attend the OBOR forum in Beijing on May 14 and 15.

China had conditionally lifted its longstanding import ban on American beef previous year, but few purchases have been made.

Based on data from Japan, the world's biggest importer of USA beef, Evans-Pritchard estimated that the beef element of the deal could reduce the deficit by $3.5 billion at most. "This is more than has been done in the whole history of US-China relations on trade".

Neuffer said the U.S. chip industry should work with the USA government to was get China to develop its chip industry in a market-driven way.

Huang Rihan, a researcher at the Centre for China and Globalisation in Beijing, said the agreement put an end to worries about a "trade war" between China and the US.

-China trade agreement. Trump administration officials hailed the deal as a significant step in their efforts to boost USA exports and even America's trade gap with the world's second-largest economy.

"The key in these negotiations is specifics that are enforceable - literally, the devil is in the details", said Scott Mulhauser, a former chief of staff at the U.S. Embassy in Beijing.

The announcement comes as Mr. Xi gets ready to showcase his flagship trade project - the One Belt, One Road plan to build roads, pipelines and ports across a vast swath of the globe - to leaders of around 30 countries in Beijing.

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

Beijing has also pledged to allow wholly foreign-owned credit ratings firms, like S&P, Fitch and Moody's, to operate in China.

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