Local ranchers optimistic about new U.S. trade deal with China

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It also saw the Trump administration offer its tacit endorsement of one of Mr Xi's pet projects - Beijing's vast plan to revive the ancient "Silk Road" to Europe, which many in Washington have in recent years viewed as a Chinese effort to counter U.S. strategic influence in Asia. "We look forward to providing almost 1.4 billion new customers in China with the same safe and delicious USA beef that we feed our families". Being locked out of the world's largest market for 13 years, we welcome this announcement. The deal is part of a 100-day plan hashed out when Trump met Chinese President Xi Jinping in April.

"According to a USA government report released in January, "Chinese policies are distorting markets in ways that undermine innovation, subtract from US market share", and, because of the chips' uses in critical infrastructure, "put US national security at risk".

China will open its market to USA credit rating agencies and credit card companies as well as resume imports of United States beef, part of a package hailed by the Trump administration as the first step in redefining the trade relationship between the world's two largest economies.

Trade experts were quick to point out that the agreement, which largely focuses on agricultural goods, energy and financial products, does nothing for US manufacturers, long a source of tension in the relationship with China.

Plus: The Trump administration may actually be making modest progress on improving U.S.

"U.S. -China relationships are now hitting a new high, especially in trade", Commerce Wilbur Ross said announcing the trade deal Thursday. The two sides have reached a deal to boost trade.

Vice-Finance Minister Zhu Guangyao said the deal was a result of cooperation based on the principle of mutual benefits, stressing that the agreement was not "a list of one side's concessions".

China will lift a ban on American beef and allow for its import no later than July 16.

Shares of Tyson Foods Inc, which sells both beef and chicken, rose 0.8 percent, while Pilgrims Pride Corp, the No. 2 USA chicken producer, fell 1.3 percent.

"The more these agreements include real, concrete outcomes rather than platitudes, rehashing old ground or punts to the future, the better they are", Mulhauser said.

Regaining access to China, the world's most populous country with 1.4 billion people, has been a key goal of American cattle farmers. "China relations on trade", Ross said.

The Chinese authorities imposed an import ban on U.S. beef in 2003, following a case of BSE in Washington State, although this was lifted past year.

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

In 2014, the United States exported about $315 million worth of poultry products to China, including chicken feet, or paws, which are popular there.

Ross downplayed the impact, pointing to the decline in natural gas prices. This is the first time USA beef exports will flow directly to China since 2003. In return, among other things, China gets to send us its cooked poultry.

The U.S. -China agreement on access to Chinese beef markets has just one more round of technical consultations and a July 16 deadline before U.S. beef is allowed in the country.

The agreement grew out of negotiations both countries agreed to start after Trump's meeting at his Mar-a-Lago estate with the Chinese president.