China renews export permits for US beef processors amid Trump-Xi Jinping talks
China has renewed export licenses for hundreds of U.S. beef processing plants, a move that could be seen as a goodwill gesture ahead of a meeting between Trump and Xi Jinping in Beijing, Reuters reported.
More than 400 U.S. meatpacking plants lost their ability to export last year after Beijing’s permits expired and were not renewed, about 65 percent of the companies that had previously been registered.
The agricultural sector is expected to be a key element in a potential trade deal, and the renewal of licenses is the first official signal of a possible package of agreements between Donald Trump and Xi Jinping.
“This shows that China has made some goodwill gestures in areas that are not too critical to the U.S.-China trade relationship,” said Xu Hongzhi, senior analyst at Beijing Orient Agribusiness Consultants.
US beef exports to China, which have been hit by the trade war between Beijing and Washington, have fallen to about $500 million in the past year from a peak of $1.7 billion in 2022.
US President Donald Trump arrived in China on May 14 to meet with Xi Jinping. The leaders are expected to discuss trade, technology cooperation and the situation around Iran.
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