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. 


Trump administration officials hailed the deal as a significant step in their efforts to boost US exports and even America's trade gap with the world's second-largest economy. 


The United States would also allow US companies to ship liquefied natural gas to China as part of the bilateral agreement reached following President Donald Trump's meeting with Chinese President Xi Jinping in April. The agreement covers a number of long-standing barriers in areas ranging from agriculture to energy to the operation of American financial firms in China. 


Commerce Secretary Wilbur Ross hailed the agreement as "a herculean accomplishment" forged in record time. 


"This is more than has been done in the whole history of US-China relations on trade," Ross told reporters Thursday evening at the White House. "Normally trade deals are denominated in multiple years, not tens of days." 


Under the agreement, the United States would welcome Chinese companies negotiating agreements to purchase US-produced liquefied natural gas. 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. 


A number of US companies are seeking permits to build facilities to process liquefied gas, which would allow America to become a net exporter of gas, something it has not been since the 1950s. China is attempting to turn to natural gas as a way to reduce its dependence on coal and combat the country's extensive air pollution. The move would allow China to diversify its supply and provide a significant market for American suppliers. 


The agreement would also ease import restriction on agricultural goods, including ending China's restrictions on beef imports. China imposed a ban on American beef in 2003 after a case of mad-cow disease. 


In exchange, the US would allow the sale of cooked Chinese poultry. 


The agreement would also streamline the evaluation of pending US biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China; and facilitate the entrance of Chinese banks into the US banking market, among other measures. 


The agreement grew out of negotiations both countries agreed to start after Trump's meeting at his Mar-a-Lago estate with the Chinese president. The areas dealt with in the initial agreement represent export opportunities that American companies have long sought. 


America's trade deficit in goods and services with China totaled US$310 billion last year, by far the largest imbalance with any country. The deficit with China represented about 60 percent of the country's total deficit last year of US$500.6 billion

Source: NNA