Ricketts: Nebraska will benefit from exporting beef to China

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 Thursday.

The agreement covers 10 areas where trade negotiators from the USA and China have reached consensus, including agricultural trade and market access for financial services.

Under the agreement announced by both countries, China will lift a 13-year embargo on United States beef imports by July 16, while Chinese companies will be able to buy United States natural gas.

The countries have agreed that China will allow US imports of beef by no later than July 16. Market access to China is crucial for USA cattle producers.

The deal comes a month after Chinese President Xi Jinping and Donald Trump held a friendly meeting at the United States leader's Mar-a-Lago resort in Florida, where they launched a 100-day action plan on economic cooperation. This goes against what he pledged in his election campaign. Trump has since softened his tone as he's sought the country's cooperation in mitigating the nuclear threat from North Korea.

"The Nebraska Farm Bureau had asked Trump to make the resumption of US beef trade with China a key part of negotiations in meetings with Chinese President, Xi Jinping last month".

"This was pretty much a herculean accomplishment to get this done", he added.

A guarantee by China to review the applications of eight US biotechnology products and approve or deny them exclusively on the basis of safety.

American firms such as Visa and MasterCard will be allowed to offer card payment services in China.

SCOTT KENNEDY: A productive first step in addressing some long outstanding problems that the USA has in its relationship with China. In the negotiations leading to China's accession to the World Trade Organization more than a decade ago, the United States fought for access to China's telecom industry.

Foreign-owned firms will be allowed to offer credit-rating services in China by July 16. China's Ministry of Commerce and National Development and Reform Commission had already proposed draft regulations in December that would have opened up that market.

"As noted in the U.S". Last March, U.S. LNG accounted for 7% of China's LNG imports, Di-Odoardo said.

The market for beef in China is estimated to be worth $2.6 billion, a potential goldmine for Nebraska, the nation's top state for cattle on feed with $1.126 billion in beef exports past year alone.

A Trump campaign pledge was to overturn unfair trade barriers at the same time as reducing the USA burgeoning trade deficit with China. China will finally open its borders to USA beef while cooked Chinese poultry is closer to hitting the American market as pa.

He had also attempted to link U.S. 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.

Biotechnology: China will evaluate US biotechnology products with pending applications and either approve them, or be transparent about why the products don't pass a safety test.

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