the new agreements also formalize the ability of China to import natural gas from the United States; China already imports significant volumes of U.S. liquefied natural gas.
“The United States can no longer sustain this inflated trade deficit with our closest trading partners,” Ross said in a press release.
In the negotiations leading to China’s accession to the World Trade Organization more than a decade ago, the United States fought for access to China’s telecom industry.
The Trump administration parked its get-tough rhetoric on trade with China to trumpet an agreement on beef and energy exports with Beijing, even as the White House continues to rail against supposed abuses by friendly countries like Mexico and Canada.
“If you think the problem is the trade deficit, you cannot chicken out on China and go after the small countries,” he said.
Trump Administration Cheers ‘Herculean’ Trade Breakthroughs With China
In the deal, China agreed to lift its ban on USA beef imports and shipments of liquefied natural gas.
America’s trade deficit in goods and services with China totalled $310 billion past year, by far the largest imbalance with any country.
CHINA will finally open its borders to US beef while cooked Chinese poultry is closer to hitting the American market as part of a US-China trade agreement.
On the campaign trail, President Trump accused China of rigging their currency and being untrustworthy, but Ross says the deal will hold them accountable.
The deal will also allow Chinese companies to buy USA liquified natural gas.
Trade deal with China could benefit Iowa farmers
A new trade deal between the United States and China could help Iowa cattle farmers.
That’s good news for Iowa farmers.
The United States Commerce Secretary announced the agreement allows U.S. beef experts to flow to China for the first time since 2003.
That’s according to statistics from the United States Census Bureau.
Iowa is also the seventh largest beef exporter in the country.