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China's dealmakers edge out US in first trade round

13 May 2017

And it allows the import of cooked poultry from China, and will send USA delegates to a Chinese forum on building infrastructure in Asia and Europe. China will allow foreign-owned financial services firms to provide credit rating services.

(AP Photo/Mark Schiefelbein). A woman shops for chicken at a supermarket in Beijing, Friday, May 12, 2017. But trade experts questioned its magnitude, and the limited agreement on 10 items joins a list of tectonic shifts between the world's two largest economies.

Relations between the two governments have been warmer than expected after Trump lashed out at Beijing throughout the US presidential campaign.

It also suggests still wider room for compromise.

Nebraska's farmers and cattlemen cheered a new China-U.S. trade deal announced Friday that will help sate the growing Chinese appetite for beef.

It remains unclear how far China will go to allow more American exports. Homegrown cattle herds have not kept pace with surging demand.

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In exchange, the US would allow the sale of cooked Chinese poultry - a move Ross said could be done safely.

The deal comes a month after Chinese President Xi Jinping and Donald Trump held a friendly meeting at the USA leader's Mar-a-Lago resort in Florida, where they launched a 100-day action plan on economic cooperation.

The deal also paves the way for China to export cooked poultry to the U.S. The U.S. will publish a proposed rule by July 16 to help jump-start the imports, it said.

But trade experts questioned the magnitude of the deal.

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"After being locked out of the world's largest market for 13 years, we strongly welcome the announcement that an agreement has been made to restore USA beef exports to China", National Cattlemen's Beef Association President Craig Uden said in a statement. That's up more than 40 percent in the past five years. "If you calculate the amount of beef the United States exports per person to Hong Kong, they are the biggest consumers of meat in the world".

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Cross-border clearing: China's central bank and the U.S. Commodity Futures Trading Commission will work toward an agreement on the oversight of cross-border clearing organizations.

How much that could increase with access to China is uncertain. Its import market is now dominated by Brazil, Uruguay, Australia and other nations with meat that's generally cheaper than North American beef, according to the Foreign Agricultural Service.

Neuffer said the United States chip industry should work with the United States government to was get China to develop its chip industry in a market-driven way. "Normally trade deals are denominated in multiple years, not tens of days". Chinese consumers tend to prefer dark meat and are happy to export the breast meat that Americans like. "China can buy more. clean energy from the U.S., and China can mean a lot of business for the U.S. - just think about soybeans, cotton and aircraft".

The Information Technology & Innovation Foundation (ITIF), a nonprofit think tank, and the Internet Association, which represents companies such as Amazon.com Inc. and Dropbox Inc., said the administration must consider the digital economy in its plans for further trade talks with China or risk putting the US behind in advanced technology industries. The Energy Department has already authorized the shipment of 19.2 billion cubic feet per day of natural gas exports to China and other interested countries, the Commerce Department said.

"Both sides have a deep and close understanding that the U.S".

"It did have something to do with US economics, because the notion of the Fed tightening rates was something that pulled capital out of emerging markets", said Prasad.

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China's dealmakers edge out US in first trade round