China and U.S. reach agreement on beef, poultry, natural gas

Chinese President Xi Jinping left smiles at U.S. President Donald Trump as they pose together with their wives for

"To make sure our ranchers and farmers have access to this market, it's vital that we hold China to its trade commitments-whether it's allowing imports of our beef or making sure China isn't unfairly subsidizing its domestic products".

He estimated the agreements would result in an improvement in the US trade deficit with China by the end of the year. American beef exports dropped from $3 billion to $1.1 billion by 2004, but the market has since recovered to pre-2003 levels without exporting to China.

The Secretary is confident that the Chinese market will be open soon and it will be a huge boost to the US beef industry.

Wilbur Ross the Commerce Secretary said the deal would help lower the deficit with China.

"This was pretty much a herculean accomplishment to get this done", Ross said, according to Bloomberg News.

China's dealmakers edged out their USA counterparts in their first round of trade talks. For one, the arrangement upends the idea that the US and China will launch a trade war, Vice Commerce Minister Yu Jianhua said Friday.

"The desire for high-quality proteins like USA beef producers raise is there", Ellingson said.

"China just got a steady supply of liquefied natural gas, which will also reduce the deficit but not really add up to many, if any, U.S.jobs", said James McGregor, China chairman of APCO Worldwide.

"USCA applauds President Donald J. Trump, Secretary Perdue, and Members of the House and Senate for making USA beef access to China a priority issue and appreciates the efforts by all to see this agreement through to completion".

Foreign-owned firms will be allowed to offer credit-rating services in China by July 16.

The joint statement said the United States would send a delegation to China's One Belt, One Road summit - Xi's signature project - on Sunday and Monday. If the two titans become more allied economically, that could also affect the bilateral free trade agreement the USA seeks to forge with Japan.

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"We've agreed to treat their financial institutions, their banks, the same way as we evaluate other foreign banks when they want to come and open up activities in the U.S.", Ross said on "Squawk Box." . Beijing had already made a decision to lift the import ban on American beef in September, before Trump was elected.

Tyson Foods Inc, Cargill Inc and JBS are among the biggest exporters of US meat.

FILE - In this January 22, 2003 file photo, a Chinese shopkeeper stands behind a row of beef products at an open air market in Beijing, China.

Trade experts outside government also questioned the magnitude of the deal. That's the deadline for resuming beef exports to China.

Chinese officials have been in our state numerous times over many years to learn more about the high quality beef produced in Nebraska.

US President Donald Trump.

During last year's campaign, Trump had threatened to impose trade tariffs and label Beijing a currency manipulator, neither of which he has done.

While Trump had earlier said China could receive more favorable trade terms from the U.S.in return for help in persuading North Korea to cease its nuclear and missile activities, Zhu downplayed any suggestion of a link between the two.

"Both sides have a deep and close understanding that the U.S".

But with China, which accounts for half of America's trade deficit, Washington is now assuming a starkly different attitude.

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