The US signs a new trade deal with China

The US signs a new trade deal with China

"USMEF welcomes today's announcement that the United States and China have reached a high-level agreement that will allow U.S. beef to re-enter the Chinese market after a prolonged absence of more than 13 years".

North American Meat Institute (NAMI) chairman and Bob Evans Farms president and chief executive officer Mike Townsley responded to the news by saying, "The meat industry has long sought access to the Chinese market for USA beef, making today's announcement a significant and very welcome milestone".

US Commerce Secretary Wilbur Ross hailed the agreement as "a Herculean accomplishment" forged in record time.

Under the agreement, the United States would welcome Chinese companies negotiating agreements to purchase US -produced liquefied natural gas.

The breakthrough results from an agreement U.S. President Donald Trump and Chinese President Xi Jinping made during their meeting at Trump's Mar-a-Lago resort in Palm Beach, Florida, on April 6.

The two countries have also agreed to hold high-level talks this summer to be led by Ross, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Wang Yang to work on a one-year plan.

Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the deal, while a good beginning, was not a breakthrough.

"It remains to be seen how much of these turn into real market access", Meltzerd said.

The idea of the United States attending the belt and road summit came from the American side, finance vice-minister Zhu Guangyao said.

Although there are limited supplies of U.S. hormone-free beef available, there would be limited scope for the United States to supply China with beef at any volume without a change in attitude.

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China agreed to give "full and prompt market access" to payments companies, like Mastercard Inc., Visa Inc. and American Express Co. The U.S. involvement in Xi's so-called "One Belt, One Road" program suggests that Trump is attempting to improve relations despite his anti-China rhetoric during the presidential campaign.

There was little in the statement for financial-services firms looking for a clear amendment of Chinese rules that shackle them to domestic partners, from credit rating to bond underwriting.

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.

The agreement "won't make any meaningful difference to the bilateral trade imbalance, which could still trigger a flare-up of tensions between the two sides in the future", it said. It is a move that will surely be considered a victory for the Chinese poultry industry, which has long faced tough food-safety restrictions and had little access to the US market. Beijing announced last fall that it would be lifting the ban - which represents a huge new export opportunity for US producers - but Chinese officials have since delayed negotiating specific terms required before imports can be permitted to enter the country.

By the same time China is also to issue any further necessary guidelines and allow wholly US-owned suppliers of electronic payment services (EPS) to begin the licensing process.

The Journal reported that it is unclear if agreement reduces the US' $347 billion deficit.

"This will only help raise the market sentiment, but not change anything materially in the foreseeable future", said Maggie Kuang, a Singapore-based analyst at BNEF.

-China trade agreement. Trump administration officials hailed the deal as a significant step in their efforts to boost US exports and even America's trade gap with the world's second-largest economy.

Regular LNG exports from the USA would supply China with a fuel that is in high demand because it burns cleaner than coal and oil, and is therefore becoming the fuel of choice for electricity generation, along with renewable sources.

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