China May Finally Lift Ban on U.S. Beef
USAgNet - 04/11/2017
Chinese President Xi Jinping is offering to lift his country's 13-year-long ban on U.S. beef and buy more American grain and agricultural products. That comes alongside an offer to increase the stake that American financial firms can hold in Chinese insurance
and financial asset companies.
According to the Financial Times, this opening up of China's market follows President Trump's two-day summit with President Xi at his Mar-a-Lago club in Florida last week. And although many aspects of these offers were in the works before Trump took
office, trade experts say they represent a win for his administration.
In January, Trump threatened to impose a 45 percent tax on Chinese imports, and has used strong rhetoric against the country, calling China the 'grand champions' of currency manipulation, and accusing the Chinese of taking out massive amounts of money &
wealth from the U.S. in totally one-sided trade.
The Chinese began banner U.S. beef after an American cow was diagnosed with Mad Cow disease on Christmas Day in 2003.