China will resume US beef imports for the first time in 14 years
Washington and Beijing finalized details on export protocols and the shipments are set to begin by mid-July. The terms released by the Agriculture Department (USDA) allow a variety of beef products to be exported to China, which means an economic boost for the American beef industry.
The final deal struck between the Chinese and American authorities comes less than one month after the initial agreement reached between President Donald Trump and Chinese President Xi Jinping to ease market access for the U.S. beef industry in China. The deal is part of the American efforts in trying to soften economic barriers between the two sides, according to Washington Post.
China imported an estimated $2.6 billion worth of beef from around the world in 2016. The country's imports increased from $275 million in 2012.
In 2003 U.S. beef exports to China were banned amid concerns about mad cow disease.Before the ban took effect in 2003, the U.S. provided 70 percent of the total beef intake in China.
The United States is the world’s largest beef producer and was the world’s fourth-largest exporter, with global sales of more than $5.4 billion in 2016, according to USDA. The largest markets for U.S. beef are the ones from Asian countries, Japan, Korea, Hong Kong and Taiwan being the top six export markets that accounted for $3.6 billion in value in 2016.
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