The disclosure of the deals on Thursday evening (May 11) - which included an announcement that Washington would be represented at a forum in Beijing devoted to President Xi Jinping's ambitious "One Belt, One Road" global investment initiative - suggests that the Trump administration is trying to smooth relations with Beijing despite President Trump's harsh anti-China language on the campaign trail. "The end of this embargo will re-open a large market for Kentucky beef producers that has always been closed".
"Clearly China, whose banks are among the largest in the whole world, wants access to the United States banking market", he said.
The problem is, the administration isn't applying this approach across the board: It's still haranguing key USA allies over negative trade balances.
"It's impossible to overstate how beneficial this will be for America's cattle producers, and the Trump Administration deserves a lot of credit for getting this achieved", the Cattleman's Association said. In exchange, the USA would allow the sale of cooked Chinese poultry a move Ross said could be done safely.
It's been almost 14 years since China banned imports of USA beef following the December 23, 2003 announcement that a Holstein cow had been diagnosed with BSE. "USMEF and its members greatly appreciate the efforts of the Trump administration and officials at USDA and USTR", said a statement.
The Trump administration's announcement Thursday night that access to Chinese markets for USA beef will begin by July 16 is fanning the fires of optimism among US cattlemen.
"I am thrilled that China listened to Montana producers", he said.
The Chinese border will be ultimately opened to the beef product of the United States. The U.S. gets to export its beef and natural gas to a growing market.
As both sides open up access for their companies, USA credit card companies will benefit from the opportunity to take a slice of the charges generated by $6 trillion of bank card transactions in China every year. In agreements with other countries, China has stipulated several requirements, including cattle age, no use of growth promotants and individual animal identification, among others.
Nebraska is the leading exporter of red meat in the U.S. Farmers exported more than $1.1 billion worth of beef a year ago.
China will issue licences to two American financial institutions to underwrite bonds by July 16.
It's the first list of commitments between the USA and China stemming from the nations' 100-day action plan, which President Trump and Chinese President Xi Jinping discussed at Trump's Mar-a-Lago estate in April.
"After pushing the president to stand up for our ranchers, I'm encouraged that China has agreed to open up its market to our high-quality beef", Heitkamp said Friday in a news release. More demand for their product will allow for an increase in prices.
The United States and China have agreed to take action by mid-July to increase access for USA financial firms and expand trade in beef and chicken among other steps as part of Washington's drive to cut its trade deficit with Beijing. China's main concern is BSE, and the negligible risk status of the US addresses that concern, Bacus said. It had conditionally lifted the ban, but few purchases have been made.
China banned USA beef in December 2013 after a case of bovine spongiform encephalopathy in a dairy cow was found in the U.S. "If you look at it on a historical basis, there's plenty of room to go back up", he said.