Overblown claim on new China trade deal

Overblown claim on new China trade deal

In addition to its provisions on beef and liquefied natural gas, the trade deal lowers long-standing barriers on the operation of USA financial firms in China, allows the import of cooked poultry from China, and will send us delegates to a Chinese forum on building infrastructure in Asia and Europe. The Plan states that following one more round of technical consultations, US beef will be granted access to China, in accordance with worldwide standards.

In the deal, China agreed to lift its ban on USA beef imports and shipments of liquefied natural gas. As of April 25, 2017, the U.S. Department of Energy had authorized 19.2 billion cubic feet per day of natural gas exports to non-FTA countries. Ross said a deal for coal exports to China wasn't likely, given the far shipping distances. -China trade agreement. Trump administration officials hailed the deal as a significant step in their efforts to boost US exports and even America's trade gap with the world's second-largest economy.

During his campaign for office, Trump threatened belligerent moves such as slapping tariffs on imports.

The problem is, the administration isn't applying this approach across the board: It's still haranguing key US allies over negative trade balances.

Ross declined to say exactly what he meant by his characterization at a Thursday briefing.

Initial reaction on the USA stock market was relatively subdued after the announcement late on Thursday, part of Washington's drive to cut its trade deficit with Beijing.

"While this deal is promising, China has made similar commitments before and has failed to follow through", Sen. China has a long history of formally granting market access but then effectively blocking it by controlling how Chinese firms conduct business, or by other informal restrictions on how foreign companies can operate.

China is the third largest LNG importer, behind Japan and South Korea, bringing in 26.06 million tonnes in 2016.

In financial services, China said it would begin allowing wholly foreign-owned financial groups to offer credit rating services in China by July 16. China's Ministry of Commerce and National Development and Reform Commission had already proposed draft regulations in December that would have opened up that market.

China will issue licences to two American financial institutions to underwrite bonds by July 16.

Shortly after the meeting by Trump and Xi, the US president said he told Xi he would give China a better trade deal if it helped to rein in its neighbor North Korea.

China, one of the world's largest importers of beef, has been closed to US producers for 13 years after mad cow disease was found in some Washington cattle.

Schumacher, of Herried, South Dakota, said the U.S. cattle market has been on an unexpected rise for several months and he hopes that the trade arrangement with China will further improve the market and give the cow-calf producer the same profit opportunities that feeders are enjoying now.

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

The North American Meat Institute commended the administration today following the announcement of a deal with the Chinese government to resume imports of US beef effective July 16, 2017.

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

China's National Biosafety Committee will conduct science-based evaluations of all eight pending U.S. biotechnology product applications to assess the safety of the products. Biotechnology includes genetically modified organisms for plants such as corn and cotton. In return, among other things, China gets to send us its cooked poultry. In exchange, the USA would allow the sale of cooked Chinese poultry — a move Ross said could be done safely.

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