Trump's China trade deal won't wipe out the deficit

  • Trump's China trade deal won't wipe out the deficit

Trump's China trade deal won't wipe out the deficit

"The agreement struck is a monumental step forward that will open the door for the sale of commonly recognized beef cuts, like chucks and rounds, as well as other specialty cuts, to almost 1.4 billion new customers", said Warren Zenker, president of the North Dakota Stockmen's Association.

American companies will be allowed to ship liquefied natural gas to China.

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. 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. On May 4, Commerce Secretary Wilbur Ross called out Mexico and Japan for their trade surpluses with the United States, which he said were growing at "an alarming rate".

The deal, which comes just five weeks after US President Donald Trump and his Chinese counterpart Xi Jinping agreed to address a US$350 billion trade imbalance within 100 days of their summit last month, is expected to lubricate ties between the two economies ahead of a planned China visit by Trump this year.

China imports of US liquefied natural gas picked up past year after Cheniere Energy Inc. launched the first in a wave of new plants created to liquefy and export abundant USA shale gas.

But his approach has been much more diplomatic than he previously insinuated. Tensions have been stoked by President Donald Trump's aggressive rhetoric against Chinese exports and barriers to USA goods and investment.

In a tweet, Trump said, "China just agreed that the US will be allowed to sell beef, and other major products, into China once again".

"The administration has shown great leadership in working with the Chinese government and industry to help finalize market access for USA beef", Institute President and CEO Barry Carpenter said. 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 United States strategic influence in Asia. Again, this sounds like a win but the US has already won a WTO trade dispute against China on these payment systems. USA industry groups value the Chinese beef-import market at about $2.6 billion.

"China has a $150 billion program to take that much further between now and 2025", Ross said.

Trump made renegotiating trade terms between the United States and China a key part of his presidential campaign.

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.

The problem is, the administration isn't applying this approach across the board: It's still haranguing key US allies over negative trade balances.

Shortly after their meeting, Trump said he had told Xi that China would get a better trade deal if it worked to rein in North Korea.

Cheniere's stock traded up more than 3.5% Friday morning at a peak of $48.84, before dropping back to trade at around $47.97, in a 52-week range of $31.02 to $50.53.

Huang Rihan, a researcher at the Centre for China and Globalisation in Beijing, said the agreement put an end to worries about a "trade war" between China and the US.

"The 100-day China-U.S. economic plan is a plan of cooperation, a plan of actions and a plan of win-win arrangements", Zhu said. In exchange, the US would allow the sale of cooked Chinese poultry — a move Ross said could be done safely. -China relations. Sure, the current level of comity between Beijing and Washington may have come at the cost of blatant corruption (congratulations to Ivanka on those trademarks).