US, China Reach Deal on Access for Beef

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Despite the fact that experts have described the trade deals as a bit prosaic, noting that China was on the verge of lifting its beef ban late past year, Ross seems to believe that the agreements mark a pinnacle in the history of US-China relations.

China is ready to start importing United States beef for the first time in 14 years, following last month's trade talks between president Donald Trump and Chinese premier Xi Jinping at Trump's Florida beach resort.

President Trump tweeted the news this morning, adding, "That's real news".

But relations between the two governments have been friendlier than expected since his inauguration, and the president trumpeted the new deal Friday on twitter.

In truth, the trade wins build on market openings already under way.

"This will help us to bring down the deficit for sure", Ross said.

In the deal, China agreed to lift its ban on US beef imports and shipments of liquefied natural gas.

Peking University professor Yu Miaojie in Beijing says that's good news for Chinese consumers who have a growing taste for beef as the country becomes more affluent. However, the quick progress signals a more pragmatic approach by the administration to dealing with trade tensions between the two countries, after months of saber-rattling and talk of a trade war. While the Trump administration has touted a surge in US manufacturing, this agreement does little to help that goal.

NORTHAM: There may be more progress when negotiators from the USA and China meet again this summer to continue work on trade issues.

"Companies from China may proceed at any time to negotiate all types of contractual arrangement with U.S. LNG exporters, including long-term contracts, subject to the commercial considerations of the parties", it said.

Ross acknowledged that there are hundreds of issues that still need to be resolved between the United States and China.

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In an annual report this year, Royal Dutch Shell said LNG demand is on pace to grow at twice the rate of conventional gas. "That is bad policy - both in terms of trade and in terms of our diplomatic policy". "Normally trade deals are denominated in multiple years, not tens of days". "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing".

"The administration doesn't seem to understand the context of the relationships", Scissors argued.

President Trump pledged during his presidential campaign that he would stop trade practices by China and other countries that he deemed unfair to the United States.

Aside from easing restrictions on American beef and liquefied natural gas, Thursday's agreement would lift restrictions to allow USA electronic payment processors to operate in China.

Atkinson said he was also alarmed the deal said the USA now "welcomes direct investment by Chinese entrepreneurs".

Chinese cooked chicken will be allowed onto the United States market and Chinese banks will also be allowed to enter the United States market.

The joint statement said the United States would send a delegation to China's One Belt, One Road summit - Xi's signature project - on Sunday and Monday.

The issue now will be follow-through.

The total amount of U.S. LNG that has so far been shipped to China is just over 0.6 million tonnes, or 1.4 billion cubic meters.

A case in point: Telecom ventures. After a World Trade Organization panel ruled against it in 2012, China issued new industry guidelines in 2015 that it said would clear the way for foreign firms.

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