China, US reach agreement on beef, poultry and natural gas

China will finally open its borders to U.S. beef while cooked Chinese poultry is closer to hitting the American market as part of a U.S.-China trade agreement. (AP

It represents the first negotiated pact on trade for Trump, who campaigned for office saying he would get tough on China over unfair trading practices.

The agreement would also streamline the evaluation of pending US biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China and facilitate the entrance of Chinese banks into the USA banking market, among other measures. The measures include the lifting of a 2003 ban on importing American beef linked to concerns about "mad cow" disease, and China being allowed to send cooked poultry to the US. China will allow foreign-owned financial services firms to provide credit rating services.

Trump's provocative tweets ran the risk of weakening diplomatic ties with China, potentially jeopardizing decades of carefully calibrated USA diplomatic efforts to normalise relations.

"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".

On a more symbolic level, the deal reflects the positive tone of relations between Chinese President Xi Jinping and Trump since their first face-to-face meeting last month in the U.S. But the two sides have been finding common ground on North Korea, and now they are deepening economic ties as well. -China Trade Council. Chinese officials lavishly praised their US counterparts over Friday's deal, saying the agreement resulted from "intimate" cooperation. "Past foot-dragging means we won't celebrate until these promises are executed".

"This should have been done years ago when it would have made a difference".

China is ready to start importing U.S. beef for the first time in 14 years, following last month's trade talks between president Donald Trump and Chinese premier Xi Jinping at Trump's Florida beach resort.

China's pledge to end its ban of U.S. beef was...

"According to a US government report released in January, "Chinese policies are distorting markets in ways that undermine innovation, subtract from USA market share", and, because of the chips' uses in critical infrastructure, "put USA national security at risk".

In Beijing, foreign ministry spokesman Geng Shuang said the two countries "enjoy very close economic cooperation".

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

Under the agreement, China will allow U.S. 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 U.S. brought a case against China on its electronic payment services market in 2010.

Potential cooperation between the United States and China on LNG would not have any immediate impact on supplies, as China now does not need new gas supplies and the United States is not yet able to deliver more.

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