U.S., China Strike Trade Deal On Beef, Poultry And Natural Gas

How to negotiate a trade deal

How to negotiate a trade deal

How can Commerce Secretary Wilbur Ross say 'we do not intend to endanger anybody's health or safety in the U.S.' when he is allowing potentially unsafe chicken into the country? "China will have access to the finest beef in the world - Montana beef - and Montana producers will have access to a growing market". "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing".

The White House announced last week that an agreement has been reached that will restore US beef access to China.

The administration announced on Thursday that China would begin importing US beef no later than July 16. The move would allow China to diversify its supply and provide a major market for American suppliers, though the expansion could lead to higher prices for US consumers.

In the energy sector, the U.S. already is shipping some liquefied natural gas to China and said it could negotiate any type of contract, including long-term contracts, with United States suppliers.

SCOTT KENNEDY: A productive first step in addressing some long outstanding problems that the US has in its relationship with China.

MasterCard welcomed the announcement, saying it looked forward "to having full and prompt market access in China".

NORTHAM: There may be more progress when negotiators from the U.S. and China meet again this summer to continue work on trade issues.

China will also give permission to wholly foreign-owned financial services firms to provide credit-rating services in the Asian giant.

In financial services, in turn, Beijing will also allow United States of America -owned card payment services to begin the licensing process in a sector where China's UnionPay system has had a near monopoly.

China had conditionally lifted its longstanding import ban on American beef previous year, but few purchases have been made. Again, this sounds like a win but the US has already won a WTO trade dispute against China on these payment systems.

Miller, along with members of the U.S. Departments of Agriculture, Commerce, and Treasury, worked on a proposal, which China's government agreed upon. As worldwide trade becomes increasingly more important to the future of Kentucky agriculture, this decision allows our farmers access to a market of 1.3 billion people that has been unavailable for over a decade. Those projects need to secure long-term supply agreements to underpin their financing before construction can begin. Still, in a week of chaotic news from the Trump administration, White House officials pitched the agreement as a major breakthrough.

WILBUR ROSS: It was pretty much a Herculean accomplishment to get this done. "This will help in United States economy in infrastructure, ports, bridges, railways and roads - areas where the U.S.is weak and China has advantages".

The U.S. has been locked out of the world's largest beef import market for the past 13 years.

With China's sky-high population, Miller said exporting beef bodes well for American ranchers.

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