China To Begin Importing U.S. Beef

26 Mai, 2017, 13:21 | Author: Marc Bacque

"China is the second largest beef importer in the world, buying roughly $2.6 billion of beef every year", he said as he announced the plan.

Chinese officials lavishly praised their USA counterparts over Friday's deal, saying the agreement resulted from "intimate" cooperation.

"This administration has certainly made the agricultural community fairly nervous when it comes to its positions on trade", Dux said.

The two countries will hold high- level talks this summer to be led by Mr Ross, Treasury Secretary Steven Mnuchin and China's Vice-Premier Wang Yang, to work on a longer, one-year plan aimed at addressing U.S. trade concerns.

But it is the latest sign that the United States president is adopting a less confrontational approach with Beijing.

Candidate Trump promised to label China as a currency manipulator and slap a 45% retaliatory tariff on the country's exports.

That would be a tall order, given a history that encompasses President Richard Nixon's 1972 visit to China, which ended a two-decade freeze between the two countries and laid the groundwork for the United States' largest trading relationship. U.S. -China trade talks to concerns over North Korea's nuclear ambitions, urging Beijing to exert more pressure on Pyongyang.

It has been over 13 years since China blocked imports of U.S. beef, following an outbreak of bovine spongiform encephalopathy (BSE) - colloquially known as mad cow's disease - in 2003. "I mean, he's a great guy".

An agreement is now in place to import beef from Minnesota and beyond. He has shown a willingness to back away from trade-related threats after consulting with aides and foreign leaders, and he has recently heaped praise on Xi and what he perceives as China's willingness to negotiate. "We will be reaching out to our state's beef community to ensure that we continue to position Nebraska to play a key role in the Chinese market".

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The idea of the U.S. attending the belt and road summit came from the American side, finance vice-minister Zhu Guangyao said. "The two sides chose to press ahead with this economic plan and the fact that much progress has been made in a short amount of time shows... we can establish more cooperation for the joint benefit of the people", he said.

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

He hailed the agreement as "a herculean accomplishment" forged in record time. "You watch and you'll see".

Exports are set to begin as soon as possible, but by no later than 16 July 2017.

By the same time China is also to issue any further necessary guidelines and allow wholly US-owned suppliers of electronic payment services (EPS) to begin the licensing process.

Beijing will issue bond underwriting and settlement licences to two USA financial institutions.

"The concern is the buying up of American technology companies with only one objective here, which is to take their technology and put it in Chinese companies", Atkinson said. Eliminating trade imbalances was one of Trump's premier promises on the 2016 campaign trail. That's up more than 40 percent in the past five years.

Ker Gibbs the American Chamber of Commerce in Shanghai chairman said the new measures were a good start but did not represent a breakthrough.

"This should have been done years ago when it would have made a difference".

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