Sino-US deal eases access to markets


"U.S. -China relationships are now hitting a new high especially in trade", he added.

"The Commerce Department's announcement that they have reached an agreement with China to open its markets to US beef and natural gas is good news for North Dakota's top industries - agriculture and energy", said Hoeven.

The US will import cooked Chinese poultry and, more significantly, send delegates to attend Beijing's Belt and Road Forum starting tomorrow.

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". "Normally, trade deals are denominated in multiple years, not tens of days".

Ag Secretary Sonny Perdue says the process to re-open beef trade started with the recent meeting between President Trump and the Chinese President and so this is just the next step.

Ellingson said the fact that there is a bookend this time gives her renewed hope that the door really is opening this time. "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing", he added.

It's been almost 14 years since China banned imports of US beef following the December 23, 2003 announcement that a Holstein cow had been diagnosed with BSE.

Cooked chicken and duck from China will be allowed to enter the US.

The announcement has the agriculture world on both sides of the MonDak buzzing.

The natural gas shipping would be done under the bilateral trade agreement.

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By day 100, which is July 16, China agreed it would issue guidelines allowing card payment services that are US owned to start their licensing process in an industry where UnionPay in China has been almost a monopoly.

The US Commodity Futures Trading Commission will extend the current no-action relief to Shanghai Clearing House for six months. This means that the USA authorities will not take enforcement action against the Chinese interbank clearing house, which had failed to register its derivative trading operations.

USA credit rating services, electronic payment services and bond underwriting businesses are now allowed into the Chinese market. The company is expected to benefit from more open access to Chinese markets. Market access to China is crucial for US cattle producers.

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

During last year's election campaign, he threatened to impose punitive tariffs on Chinese goods and label China a currency manipulator.

Mr Ross denied suggestions that the deal is linked to U.S. pressure on China to use its economic leverage to get North Korea to give up its nuclear weapons programme. The deal was akin to "tea so weak it's nearly water", said one senior U.S. business executive.

"The progress made by us in such a short amount of time shows that if both sides respect each other and cooperate with a win-win spirit", Chinese Foreign Ministry spokesman Geng Shuang said.

Ross said there should be an impact on China's trade surplus with the United States by the end of the year. In 2016, sales of beef cattle from Kentucky producers generated more than $733 million in farm cash receipts.

"It remains to be seen how much of these turn into real market access", Meltzerd said. The US Government said it welcomes direct investment by Chinese entrepreneurs, and welcomed China to participate in the SelectUSA Investment Summit that Washington hosts in June.