Tensions have been stoked by President Donald Trump’s aggressive rhetoric against Chinese exports and barriers to USA goods and investment.
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Under the agreement announced by both nations, China will authorise USA beef imports by July 16 while the United States will lift barriers on Chinese cooked poultry exports “as soon as possible”.
Meanwhile, the US will support Chinese procurement of liquefied natural gas and send representatives to attend China’s Belt and Road Forum in Beijing, which begins Sunday.
The Commerce Department said the agreement gives China a chance to step away from coal in favor of the cleaner-burning natural gas.
“We have some very big news”, Ross told reporters Thursday. “U.S”. Further, as concrete progress is made in implementing the actions under the 100-day plan, the two sides will begin discussing a one-year plan to further solidify actions in promoting U.S.
Close watchers of the US-China relationship quickly raised questions about the deal, pointing out that most of Beijing’s key promises had been made before or were in line with China’s existing worldwide commitments.
While Trump made the revival of America’s coal industry a hallmark of his campaign, his administration seems to be acknowledging the potential jobs bonanza offered by the two dozen applications to build LNG export terminals now under review. Again, this sounds like a win but the USA has already won a WTO trade dispute against China on these payment systems.
WILBUR ROSS: It was pretty much a Herculean accomplishment to get this done.
“So this is clearly a concession on China’s part”, he said, adding: “It’s still too early to tell how Sino-US relations will pan out”.
But he noted that China has “made a lot of positive commitments that it hasn’t followed through on” in the past. “American companies, workers, farmers and more are eager for more access to Chinese markets, and they’ll look to ensure reality matches the rhetoric of these promises”. China is reopening its doors to USA beef.
But Sun Lin, a 33-year-old chef at a high-end Beijing hotel, said he viewed the trade deal as merely a diplomatic gesture.
Foreign-owned firms in China will also be able to provide credit rating services.
“After pushing the president to stand up for our ranchers, I’m encouraged that China has agreed to open up its market to our high-quality beef”, Heitkamp said.
China will issue licences to two American financial institutions to underwrite bonds by July 16.
Restoring trade with China would give USA beef access to 1.4 billion new customers – a fifth of the world’s population – and a middle class that is larger than the entire population of the US, he said.
China has purchased negligible amounts of US beef products since imposing a ban in 2003 over concerns about “mad cow” disease.
For example, notable for its absence was anything related to the US steel industry, which has been promoted by President Donald Trump. The addition of the Chinese market means access to an additional 1.4 billion customers of US beef in a nation with a growing middle class that is larger than the entire population of the U.S.
A resumption of US beef exports to the Chinese market beginning in July.
Notably, China had already announced in September that it would open its market to US beef, and then never followed up on that vow.
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China’s National Biosafety Committee (NBC) is to hold a meeting by the end of May 2017, to conduct science-based evaluations of all eight pending USA biotechnology product applications to assess the safety of the products for their intended use… Biotechnology includes genetically modified organisms for plants such as corn and cotton.
