Ricketts has visited China in each of the past two years to urge the Chinese government to reopen its market.
The United States would also allow USA companies to ship liquefied natural gas to China as part of the bilateral agreement reached following President Donald Trump’s meeting with Chinese President Xi Jinping in April. -China exchanges of goods previous year totaled almost $579 billion, almost one-sixth of all US trade.
“It was pretty much a Herculean accomplishment to get this done”, Ross said in describing a trade plan involving US beef and liquefied natural gas exports to China.
But with China, which accounts for half of America’s trade deficit, Washington is now assuming a starkly different attitude.
The deal lifts the 2003 ban on beef and opens up the world’s second largest beef buyer to beef producers in Minnesota. It’s trying to export and invest overseas where there are nearly no barriers while limiting access to its own markets, which hurts USA industries.
Ross told Reuters that his agency is considering a national security review of the chip-making industry as it relates to a 1962 trade law because the technology has “huge defense implications” and because the technology used in military hardware and in many devices used daily in the American economy.
Tyson Foods Inc, Cargill Inc and JBS are among the biggest exporters of USA meat. By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter U.S. markets, Sec.
Still, they represented the first negotiated pact on trade for Trump, who campaigned on promises to get tough on China on trade before softening his tone as he’s sought cooperation on North Korea.
In return, the United States will resolve outstanding issues around the import of cooked poultry from China, which has been in a holding pattern for almost three years.
Cattle feeder Herman Shumacher said he hopes that exports to China will help bump up the U.S. cattle market but he said details are important.
“Because the unsafe foot-and-mouth disease (FMD) is endemic in China, we need assurances from the Secretary of Agriculture that we are not entering a quid pro quo with China as we did with Brazil, with which we agreed to relax our FMD restrictions in return for renewed access to the Brazilian market”.
The talks with China are latest in a series of actions since Trump took office in January aimed at remaking USA worldwide trade relations.
The agreement covers 10 areas where negotiators from the two sides have reached consensus, including agricultural trade and the issuance of both bond writing and settlement licenses to two qualified USA financial institutions.
For example: China will review eight pending USA biotech product applications that they have been on hold, but no guarantee to approve them …
In a tweet, Trump said, “China just agreed that the USA will be allowed to sell beef, and other major products, into China once again”.
Following the deal, US President Donald Trump termed the development as the “Real news”.
“This is more than has been done in the whole history of US-China relations on trade“, the secretary said. Secretary of Commerce Wilbur Ross heralded the deal as a “herculean accomplishment”. As global trade becomes increasingly more important to the future of Kentucky agriculture, this decision allows our farmers access to a market of 1.3 billion people that has been unavailable for over a decade. “We’ve never had trade deals before, we didn’t with them or with anybody that had this level of precision to solving long-standing problems”. So, there remains some uncertainty even about the deal’s headline “win” for the U.S.
In an interview with The Economist published on Thursday, he also praised Mr Xi and his relationship with the Chinese leader.