President Donald Trump’s weekend summit with Chinese president Xi Jinping could have major implications for the U.S. beef industry. Several news outlets are reporting the two reached an agreement to lift the barricade against U.S. beef exports that has been in place since 2003.
U.S. industry officials estimate the market, which includes China, Hong Kong and Vietnam, could total $7 billion. President Xi Jinping also offered to buy more American grain and agricultural products.
Last year the bulk of China’s beef was purchased from Brazil, Uruguay, Australia, New Zealand and Argentina.
Beef industry groups, including the National Cattlemen’s Beef Association, The U.S. Meat Export Federation and the North American Meat Institute, have urged President Trump to negotiate the reopening of the Chinese market to U.S. beef, calling it “essential to the future health of the beef industry.”