U.S. poultry shares soar after China ends ban on imports of U.S. meat
By Dominique Patton and David Lawder BEIJING/WASHINGTON (Reuters) - China on Thursday lifted a nearly five-year ban on poultry meat imports from the United States, a move that senior U.S. officials said would pave the way for more than $1 billion in annual poultry exports to China. Shares of American poultry producers soared on the announcement from China's customs authority.
By Dominique Patton and David Lawder
BEIJING/WASHINGTON (Reuters) - China on Thursday lifted a nearly five-year ban on poultry meat imports from the United States, a move that senior U.S. officials said would pave the way for more than $1 billion in annual poultry exports to China.
Shares of American poultry producers soared on the announcement from China's customs authority. Tyson Foods shares were up 4.6% in morning trade, Sanderson Farms rose 4.2% and Pilgrim's Pride Corp shares were up 2.2 percent, outperforming a largely flat stock market on Thursday.
China's resumption of U.S. poultry imports comes as the world's two largest economies are trying to finalize a limited trade deal that focuses largely on increased Chinese purchases of American farm products and the opening of China's financial services market.
The announcement also coincides with an unprecedented shortage of protein in China after a fatal hog disease has killed millions of pigs in the pork-loving country over the past year. China customs at the end of October lifted a three-year ban on poultry from Spain and Slovakia.
China had banned all U.S. poultry and eggs since January 2015 because of an avian influenza outbreak, and imports plummeted that year to a fifth of the $390 million worth in 2014.
U.S. Trade Representative Robert Lighthizer said the lifting of the "unwarranted" ban was good news for both American farmers and Chinese consumers.
"China is an important export market for America’s poultry farmers, and we estimate they will now be able to export more than $1 billion worth of poultry and poultry products each year to China," he said.
China's move also occurs after the U.S. Food Safety and Inspection Service amended the Federal Register last week to approve imports of poultry products derived from birds slaughtered in China.
The poultry approvals by each side come during ongoing negotiations between the countries to resolve a 16-month long trade war in which each has slapped tariffs on billions of dollars worth of each others' goods.
Improving access for U.S. farm products in the Chinese market has been a critical part of the negotiations, with removal of non-tariff barriers seen as key to reaching Trump's goal of doubling agricultural sales to China.
China's imports of chicken surged nearly 48% to 9.2 billion yuan ($1.3 billion) in the first nine months of this year, including breast meat, which is normally in surplus in the country.
(Reporting by Dominique Patton and David Lawder, additional reporting by Susan Heavey; Editing by Simon Cameron-Moore and Steve Orlofsky)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.