China, one of the world's largest importers of beef, has been closed to US producers for 13 years after mad cow disease was found in some Washington cattle. This time, China promised to allow American beef into the country after one more round of technical consultations, and no later than July 16, according to the joint statement.
The initial slate of commitments from the two countries marked the first sign of progress on the 100-day action plan that President Donald Trump and Chinese President Xi Jinping called for during their meeting at Trump's Florida estate last month.
In 2016, the Governor led a trade mission to China to share the story of Nebraska beef with potential customers in anticipation of the market re-opening.
The United States and China will expand trade in beef and chicken and increase access for financial firms, as part of a plan to reduce the massive U.S. trade deficit with Beijing, U.S. Commerce Secretary Wilbur Ross said on Thursday. Huge numbers of long-standing blockades in agricultural aspects, energy dealing including the operations of financial firms of the United States in China were covered by the meeting.
US Commerce Secretary Wilbur Ross told reporters at the White House that the deal will help reduce the US trade deficit with China, which reached almost $350 billion past year.
"As noted in the U.S". "Normally, trade deals are denominated in multiple years, not tens of days".
In Beijing, Vice Finance Minister Zhu Guangyao told reporters that the early results of the agreement showed that economic collaboration between the two sides "couldn't be closer".
USA beef could start entering China as soon as July 16th.
Shares of U.S. Steel, which have taken a dramatic fall after soaring the wake of Trump's election, dropped 1.9 percent on Friday, while shares of Nucor were off 0.3 percent.
"The more these agreements include real, concrete outcomes rather than platitudes, rehashing old ground or punts to the future, the better they are". The Chinese middle class represents more consumers than the entire USA population, Baucus says, and they are hungry for beef.
The Wall Street Journal commented that it is unclear "how much, if at all, the changes would reduce the" US trade deficit with China, noting that numerous breakthroughs the Trump administration is claiming have been hailed as victories by past administrations only to be encumbered by new roadblocks later.
The United States and China also agreed to open up USA exports of liquefied natural gas to China, which could be a boon for both countries.
"I am thrilled that China listened to Montana producers", he said.
The US will also allow American companies to ship liquefied natural gas to China.
"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's not as though this is going to wreck anybody's pocketbook".
China's Ministry of Agriculture & General Administration of Quality Supervision, Inspection & Quarantine announced last September that China's ban on imports of US beef had been lifted, but this was only a small part of necessary negotiations to begin importing.