US, China sign trade agreement

Ross sits for an interview in his office in Washington

China was the 21st largest market for U.S poultry exports in 2016, purchasing only $33 million out of a total $3.875 billion of USA poultry exports.

Trump pledged during his campaign for the presidency that he would be ending trade practices by China as well as other nations that he called unfair to the U.S. His tough rhetoric toward China fueled fears earlier of a possible trade war.

Relations between the two governments have been warmer than expected after Trump lashed out at Beijing throughout the United States presidential campaign.

"Restoring U.S. beef exports to China opens the door to sell high quality, safe and delicious Kansas beef to almost 1.4 billion new customers in China", Brownback said.

"I'm please to see the Administration fully engaged in trade discussions that could have tremendous benefits for agriculture", he said.

The US Meat Exporters Forum welcomed the high level agreement to allow US beef to re-enter the Chinese market.

"It is impossible to overstate how beneficial this will be for America's cattle producers", NCBA President Craig Uden said in a statement sent late Thursday night following the announcement that the US and China had reached agreement on not just beef trade, but energy, financial services and others. Huge numbers of long-standing blockades in agricultural aspects, energy dealing including the operations of financial firms of the United States in China were covered by the meeting. Gary Cohn, director of the National Economic Council, has voiced support for an LNG terminal in the U.S. Northwest that would ship overseas to Asia. "This is more than has been done in the whole history of US-China relations on trade".

Additionally, he explained the strategy behind creating the trade deal.

They agreed a deal needed to be reached within 100 days or by July 16. Previous administrations have hailed market-opening agreements only to be left disappointed. "If that produces more deliverables, we'll go into a longer-term period of negotiations", Ross said.

The agreement marked one of the first concrete results of trade discussions that began a month ago, when Chinese President Xi Jinping and Donald Trump launched a 100-day action plan on economic cooperation during their meeting at the USA leader's Mar-a-Lago resort in Florida.

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For exports of gas, the US will now treat China "no less favorably" than other countries for which is does not have a free trade agreement, according to a joint statement released by the sides.

First, the administration says this deal could help narrow the trade deficit with China, as NPR's Jackie Northam reports. China is attempting to turn to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution.

"The administration has shown great leadership in working with the Chinese government and industry to help finalize market access for USA beef", NAMI President and CEO Barry Carpenter said. "It's not as though this is going to wreck anybody's pocketbook".

The Chinese authorities imposed an import ban on U.S. beef in 2003, following a case of BSE in Washington State, although this was lifted a year ago.

"This will help us to bring down the deficit for sure", Ross said. "We do not intend to endanger anybody's health or safety in the USA", he said.

And it will give "full and prompt market access" to US-owned suppliers of electronic payment services, including credit and debit card transactions - something China had already said it would do in 2015 after losing a case at the World Trade Organisation.

Visa shares rose 0.4 percent while MasterCard edged up 0.1 percent as prospects for global payment network operators at last entering the Chinese market remained uncertain.

Trump signed off on the agreement following weeks of discussions that he delegated to his secretaries of Commerce and Treasury, which Ross said took place "mostly at very inconvenient hours" owing to the 12-hour time difference between the two countries. The deficit with China represented about 60 percent of the country's total deficit a year ago of $500.6 billion. 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. Get twice-daily updates on what the St. Louis business community is talking about.

Ellingson and Steinbeisser, too, expressed confidence that the quality of US beef would make the Chinese grade and overcome any remaining barriers that might exist.

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