CHINA TO ALLOW US BEEF EXPORTS AFTER DEAL ON TRADE ISSUES
TRUMP MADE RENEGOTIATING TRADE TERMS BETWEEN US AND CHINA KEY PLANK OF PRESIDENTIAL CAMPAIGN
A new trade deal will allow US beef and natural gas exports to flow into China while opening up the US market for cooked poultry and Chinese banks, the US Commerce Secretary announced Thursday.
The initial slate of commitments from the two countries marked the first sign of progress on the 100-day action plan that President Donald Trump and Chinese President Xi Jinping called for during their meeting at Trump’s Florida estate last month. Trump made renegotiating trade terms between the United States and China a key plank of his presidential campaign, and said last month he hoped to make progress with China in the short term.
Under the agreement, China will allow US beef exports to flow directly to the country for the first time since 2003, while the United States will take steps to authorize Chinese imports of cooked poultry into the United States by July 16. The United States and China also agreed to open up US exports of liquefied natural gas to China, which could be a boon for both countries.
US Commerce Secretary Wilbur Ross said the initial agreement, which would also open up the Chinese market to US electronic payment services companies and help Chinese banks gain broader access to the US financial market, would help “bring down” the US trade deficit with China, though he did not provide a precise estimate.
Trump railed against that deficit during his campaign and vowed to reduce it as President. While he floated drastic measures like imposing a tariff on Chinese imports, Trump has instead favored bilateral negotiations thus far.
China just agreed that the U.S. will be allowed to sell beef, and other major products, into China once again. This is REAL news!
— Donald J. Trump (@realDonaldTrump) May 12, 2017
The President hailed the agreement Friday, tweeting, “China just agreed that the U.S. will be allowed to sell beef, and other major products, into China once again. This is REAL news!”