Overblown claim on new China trade deal

Chinese President Xi Jinping left smiles at U.S. President Donald Trump as they pose together with their wives for

A Trump campaign pledge was to overturn unfair trade barriers at the same time as reducing the United States burgeoning trade deficit with China.

But those commitments came alongside an agreement for China to resume imports of U.S. beef and to speed up its approvals of genetically modified crops and other biotech products now awaiting Chinese licences. China has reportedly avoided US -imported beef since 2003 because of concerns about mad cow disease and hormone use. And it's not the first time China has said it was opening the door to USA beef - they have been saying they would do so for 14 years now. The deal is part of a 100-day plan hashed out when Trump met Chinese President Xi Jinping in April.

"It's impossible to overstate how beneficial this will be for America's cattle producers, and the Trump Administration deserves a lot of credit for getting this achieved".

The Secretary is confident that the Chinese market will be open soon and it will be a huge boost to the USA beef industry.

"What this agreement will mean is opening the door for USA beef to 1.4 billion customers", Ellingson said.

Schumacher, of Herried, South Dakota, said the USA cattle market has been on an unexpected rise for several months and he hopes that the trade arrangement with China will further improve the market and give the cow-calf producer the same profit opportunities that feeders are enjoying now.

Trump administration officials hailed the deal as a significant advance toward boosting US exports and close America's trade gap with the world's second-largest economy. China is reopening its doors to USA beef.

For a while there, it looked like Donald Trump might start a trade (and/or nuclear) war with China.

In return, Washington said it would encourage exports of liquid natural gas to China and allow imports of cooked poultry meat from China. Then, secretary of State nominee Rex Tillerson vowed to block China from accessing its disputed islands in the South China Sea - a promise that would (almost certainly) require military force to uphold.

But China's food safety system still needed clearance from the Agriculture Department before chickens could be sent here.

Chinese banks will be allowed greater access to the United States market.

Trade experts outside government also questioned the magnitude of the deal.

"The key in these negotiations is specifics that are enforceable - literally the devil is in the details", said Scott Mulhauser, the former chief of staff at the U.S. Embassy in Beijing. And there's some important elements to the agreement that they announced, but it is really just a first step.

"It's another encouraging sign that Trump's willing to cooperate with China rather than adopt the confrontational and protectionist stance he threatened during the election", said Julian Evans-Pritchard, an economist at Capital Economics, about Thursday's agreement.

Elements of the agreement had been promised or agreed upon during the Obama presidency. -China exchanges of goods past year totaled almost $579 billion, almost one-sixth of all US trade.

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.

So, there remains some uncertainty even about the deal's headline "win" for the U.S.

Visa said in an emailed statement it looked forward to submitting an application for a bank-card clearing institution license, which, "once granted", would allow it to support economic development in China.



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