As expected, China has granted a few token trade concessions to the Trump Administration, including allowing American beef to be imported into China for the first time in 14 years.
We can only assume that this means Trump Steaks are about to make a yuge comeback.
When Donald Trump and Chinese President Xi Jinping met for the first time last month at Trump’s Mar-a-Lago resort, analysts predicted that China would attempt to appease the president by making some painless concessions that would show him that they were serious about reducing China’s $347 billion annual trade surplus with the US, while also giving him something to brag about back home.
The two countries are currently locked in the middle of trade negotiations, but they have already signed off on a series of preliminary agreements that will expand the trade of beef and chicken, along with increasing access for financial firms, US Commerce Secretary Wilbur Ross said on Thursday. CNBC provides some details:
The countries have agreed that China will allow U.S. imports of beef no later than July 16. By that same deadline, the United States said it would issue a proposed rule to allow Chinese cooked poultry to enter U.S. markets, Ross told reporters at a briefing.
Beijing will also allow U.S.-owned card payment services to begin the licensing process in a sector where China’s UnionPay system has had a near monopoly. Foreign-owned firms in China will also be able to provide credit rating services.
Despite the fact that experts have described the trade deals as a bit prosaic, noting that China was on the verge of lifting its beef ban late last year, Ross seems to believe that the agreements mark a pinnacle in the history of US-China relations.
“US-China relationships are now hitting a new high, especially in trade,” Ross told reporters. “This was pretty much a herculean accomplishment to get this done. This is more than has been done in the whole history of US-China relations on trade.”
Meanwhile, with a colossal shitstorm raging all around him following his sudden firing of former FBI director James Comey, Trump pointed reporters to the biggest story of the day at the end of an early morning Tweetstorm.
China just agreed that the U.S. will be allowed to sell beef, and other major products, into China once again. This is REAL news!
— Donald J. Trump (@realDonaldTrump) May 12, 2017
While Trump couldn’t stop bashing China on the campaign trail, since taking office he seems to have fallen madly in love with President Xi who has shared with him some of the finer points of Chinese and Korean history.
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