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China does not pursue trade surplus with US: vice commerce minister
20 May 2017, 04:59 | Gladys Abbott
China does not pursue trade surplus with US: vice commerce minister
The agreement could mark new opportunities for the USA agricultural, energy and financial sectors, which have often struggled for market access in China, Meltzer said.
Under the agreement issued on Thursday, China will allow United States beef exports to flow directly to the country for the first time since 2003, while Washington will take steps to authorise Chinese imports of cooked poultry into the country by July 16, CNN reported.
The natural gas shipping would be done under the bilateral trade agreement. Ross said a deal for coal exports to China wasn't likely, given the far shipping distances.
The same deadline was set for the U.S.to accept cooked poultry from China.
NCBA president Craig Uden said he was looking forward to the day when industry can serve US President Donald Trump and Chinese President Xi Jinping "a dry-aged American-made NY strip in Beijing".
But Trump's rhetoric toward China has softened in the past month, expressing admiration for Xi and saying he wanted Beijing to help deal with the North Korean nuclear threat.
Trump administration officials hailed the deal as a significant advance toward boosting USA exports and close America's trade gap with the world's second-largest economy. "The U.S. economy is not fundamentally based on Wall Street and farms, it's based on advanced industries".
Under the agreement, the United States is inviting Chinese companies to import US -produced liquefied natural gas.
"This was pretty much a herculean accomplishment to get this done", Ross said, according to Bloomberg News.
"The desire for high-quality proteins like US beef producers raise is there", Ellingson said.
What's more, the new agreements depend on highly undependable Chinese cooperation, one reason similar accords have been struck in vain in the past.
Heitkamp, meanwhile, said the deal was promising, but pointed out China has made similar promises in the past.
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The opening of the bond market could bring in USA institutional investors, which may stem the capital flight that troubles the Chinese government.
The two countries will hold high- level talks this summer to be led by Mr Ross, Treasury Secretary Steven Mnuchin and China's Vice-Premier Wang Yang, to work on a longer, one-year plan aimed at addressing U.S. trade concerns.
In financial services, China said it would begin allowing wholly foreign-owned financial groups to offer credit rating services in China by July 16.
As the nation's leader in commercial red meat production and the number one exporter of USA beef, Nebraska agriculture stands to benefit greatly from the opening of this marketplace.
In a win for US agriculture, the deal opens China to USA beef exporters, who have long wanted access to its more than 1.3 billion people.
Negotiations to lift the ban started last September while President Obama was still in office, and President Trump supported the move after meeting with China's president last month.
The president celebrated news of the deal by tweeting: "China just agreed that the US will be allowed to sell beef, and other major products, into China once again.
China had conditionally lifted its longstanding import ban on American beef a year ago, but few purchases have been made. China is the second largest importer of beef in the world, which is why it is so important that this market opens up to USA cattle producers.
It's been almost 14 years since China banned imports of US beef following the December 23, 2003 announcement that a Holstein cow had been diagnosed with BSE.
Shipping data on Thomson Reuters Eikon shows that the first ever U.S. LNG tanker arrived in China in August 2016, followed by another eight cargoes shipped between December and March. Biotechnology includes genetically modified organisms for plants such as corn and cotton.
In return, China would send a delegation to a U.S. meeting for foreign investors in July, with the Trump administration promising equal treatment for China despite a push in some circles in Washington for it to take a tougher line on Chinese investment, particularly in strategic sectors. For one, the arrangement upends the idea that the US and China will launch a trade war, Vice Commerce Minister Yu Jianhua said Friday.
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