A clear deadline for China to lift a ban on USA beef was new, after Chinese Premier Li Keqiang said a year ago that China would "soon" resume imports of beef. "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing".
A woman pushes her shopping cart past a display of domestically produced Chinese beef at a supermarket in Beijing, Friday, May 12, 2017.
Trump's provocative tweets ran the risk of weakening diplomatic ties with China, potentially jeopardizing decades of carefully calibrated USA diplomatic efforts to normalise relations. "It has great potential", said Zou Wenlong, an analyst with the Nine-Alliance Group, a Chinese association of exporters, though he added his group would keep a close watch for continued signs of trade protectionism.
And U.S. credit card operators Visa Inc and MasterCard Inc have yet to be independently licensed to clear transactions in China, despite a 2012 WTO ruling mandating that Beijing open the sector and rules issued by the central bank to let foreign firms enter the market.
Shares of Tyson Foods Inc (TSN.N), which sells both beef and chicken, rose 0.8 percent, while Pilgrims Pride Corp (PPC.O), the No. 2 USA chicken producer, fell 1.3 percent. -China relationships are now hitting a new high, especially in trade.
The Secretary is confident that the Chinese market will be open soon and it will be a huge boost to the USA beef industry.
Schumacher, of Herried, South Dakota, said the United States cattle market has been on an unexpected rise for several months and he hopes that the trade arrangement with China will further improve the market and give the cow-calf producer the same profit opportunities that feeders are enjoying now.
"China is willing to cut the trade deficits with the U.S.in order to avoid trade frictions between the two sides", Yu said.
American beef producers are pleased by the deal, which finalizes a preliminary agreement to lift the ban on beef imports in China reached in September. Asian countries already make up some of the largest markets for US beef, with Japan, Korea, Hong Kong and Taiwan making up four of the top six export markets, accounting for $3.6 billion in value in 2016.
"Success in this arena will drive the US cattle market and increase demand for USA beef", USCA President Kenny Graner said in a statement.
"According to a US government report released in January, "Chinese policies are distorting markets in ways that undermine innovation, subtract from USA market share", and, because of the chips' uses in critical infrastructure, "put USA national security at risk".
President Trump on Friday praised a series of agreements that ease market barriers for the U.S.in China, calling the announcement of the deal "REAL news" after a series of tweets slamming "fake news".
"We believe that Sino-U.S. economic cooperation is the trend of the times", Chinese Vice Finance Minister Zhu Guangyao told reporters in Beijing. The U.S. Meat Export Federation said it welcomed the plan.
NAMI president and CEO Barry Carpenter said the deal is "a significant, concrete" accomplishment resulting from the 100-day plan, and "we are thankful for the hard work on the issue by both leaders".
"This should lead to full and prompt market access", according to a Commerce fact sheet describing the initial commitments.
Credit rating services: China will allow foreign-owned financial service firms to provide credit rating services.
The countries' statement also included a goal of opening China's market in electronic payments.