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 new trade deal between the us and China will allow the U.S.to break back into that beef market.

"China is the second largest beef importer in the world, buying roughly $2.6 billion of beef every year", he said as he announced the plan.

For example, notable for its absence was anything related to the US steel industry, which has been promoted by President Donald Trump.

According to the officials of Trump's administration, it is a serious step.

"What this agreement will mean is opening the door for USA beef to 1.4 billion customers", Ellingson said. Adds Uden, China now represents 12% of the world's beef market, up from ½% five years ago.

These agreements are the fruit of discussions between Chinese President Xi Jinping and Trump last month when they set a 100-day deadline to improve trade relations.

Professor Shi Yinhong, director of Renmin University's Centre for American Studies, said China wanted to avoid potentially drastic measures by Mr Trump.

The Trump administration parked its get-tough rhetoric on trade with China to trumpet an agreement on beef and energy exports with Beijing, even as the White House continues to rail against supposed abuses by friendly countries like Mexico and Canada.

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Commerce Secretary Wilbur Ross announced deals that will send US beef exports to China, allow Chinese imports of cooked poultry, expand USA electronic payment services and provide for faster regulatory approval of biotechnology products by Beijing. The deal also allows foreign-owned firms to offer credit-rating services in China and provide licenses to two US financial institutions to underwrite bonds. The countries also agreed to open up US exports of liquefied natural gas to China. They agreed a deal needed to be reached within 100 days or by July 16.

In Beijing, Vice Finance Minister Zhu Guangyao told reporters the early results of the agreement showed that economic collaboration between the two sides "couldn't be closer".

Ricketts on Friday applauded news that China would allow American beef into the country for the first time since 2003. Previous administrations have hailed market-opening agreements only to be left disappointed.

"As noted in the U.S". But he can at least savor a breakthrough in his most important but contentious trade relationship. In addition, NCBA expects China would be interested in the same beef products popular in other Asian countries - products that don't see high demand in the US - boosting the overall value of a carcass, he said. "Additionally, opening up Chinese markets to USA natural gas will help to reduce flaring and create good jobs".

China is turning more to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution.

Although there are limited supplies of U.S. hormone-free beef available, there would be limited scope for the U.S. to supply China with beef at any volume without a change in attitude.

"Now, the wholesale price of natural gas at Henry Hub, the largest United States gas [distribution] hub, is 3.37 dollars per 1 million BTU, or $120 per thousand cubic meters".

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