Deal Reached For Chinese Market Access For Beef By Mid-Summer

Total Number Of Bogus Wells Fargo Accounts Could Be As High As 3.5 Million

Meanwhile, US Commerce Secretary Wilbur Ross said that Chinese banks will get access to the US markets as long as they followed the prevalent rules.

The administration announced on Thursday that China would begin importing USA beef no later than July 16.

The Trump administration has given the go-ahead for a handful of proposed U.S. LNG ventures to ship their fuel to countries without free-trade agreements, such as China. "Xi Jinping has made a decision to compromise, in order to stop things from going further", Ivan Kapustiansky, an analyst with Forex Optimum, told the Russian newspaper Vzglyad.

Trump has made America's massive trade deficits and specifically the gap with China a major issue in his campaign and during the early days of his administration.

NORTHAM: Under the agreement, China will open its market to us beef importers by mid-July.

The Chinese market is estimated to be worth $2.6 billion for the US beef industry. "There have been eight applications that have been stalled, and stalled and stalled", Ross said.

The agreements cover ten areas, including agriculture, energy and financial services. China will allow US imports of beef no later than July 16, while the United States will issue a proposed rule to allow Chinese cooked poultry to enter USA markets. For example in electronic-payment services, China has already leapfrogged the United States in many ways.

China agreed to give "full and prompt market access" to payments companies, like Mastercard Inc., Visa Inc. and American Express Co. Chinese consumers tend to prefer dark meat and are happy to export the breast meat that Americans like. Foreign-owned firms in China will also be able to provide credit rating services.

The United States and China announced that they had reached agreements on some of the issues that have caused some economic friction between the two countries.

In an interview with Bloomberg, Ross trumpeted the agreement as a historically good deal.

When asked if China-U.S. cooperation over North Korea's nuclear and missile programs had played a role in the outcomes of the talks, Zhu said: "Economic issues should not be politicised". Ross told reporters at a briefing.

Beijing and Washington announced on Friday an agreement giving U.S. beef, natural gas and certain financial services access to China's massive market in a deal highlighting the warm ties nurtured by their presidents. Chinese LNG imports hit a record 3.73 million tons amid a cold snap in December and have continued a large year-on-year increase this year: in March 1.99 million tons were imported, a 17.6 percent year-on-year increase. Ross said a deal for coal exports to China wasn't likely, given the far shipping distances. In April 2016, Chinese banks agreed to provide over $12 billion in financing for the Yamal LNG project in Sabetta, north-east of Russia's Yamal Peninsula.

The deal, announced late Thursday and kickstarted during the recent meetings in Florida between U.S. President Donald Trump and China's President, Xi Jinping, has the potential to alter global LNG trade by connecting the U.S., the fastest growing supplier, with China, the largest growth market, according to Massimo Di-Odoardo, head of global gas and LNG research at natural resources consultancy Wood Mackenzie.

"So while we fully support efforts to ensure trade in semiconductors is fair and market-based, we do not believe a Section 232 investigation is the right tool to be applied to our industry", SIA President John Neuffer told Reuters.

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