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Asean & Global Updates
POSTED | 17:03 PM | 12-05-2017

China to allow US beef exports after trade deal

A new trade deal will allow US beef and natural gas exports to flow into China while opening up the US market for cooked poultry and Chinese banks, the US Commerce Secretary announced on Thursday (May 12, 2017).

The initial slate of commitments from the two countries marked the first sign of progress on the 100-day action plan that President Donald Trump and Chinese President Xi Jinping called for during their meeting at Trump’s Florida estate last month.

Under the agreement, China will allow US 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, Reuters reported.

The two countries also agreed to open up US exports of liquefied natural gas to China, which could be a boon for both countries.

US Commerce Secretary Wilbur Ross said the initial agreement, which would also open up the Chinese market to US electronic payment services companies and help Chinese banks gain broader access to the US financial market, would help “bring down” the US trade deficit with China, though he did not provide a precise estimate.

President Trump hailed the agreement on Friday, tweeting, “China just agreed that the US will be allowed to sell beef, and other major products, into China once again. This is REAL news!”

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.”

 

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