In 2003 China imposed a beef embargo on meats after Mad Cow Disease arrived in Europe and America, now 13 years later this ban has been lifted. China is the second largest beef buyer in the world and the farmers in the U.S. want to take advantage of this opportunity to sell to this growing economy. China did not say exactly when imports would resume but the U.S. must comply with some conditions, for instance, beef older than 30 months will not be accepted. The U.S. exports over 1 million metric tons of beef per year, equivalent to $6.3 million, with Mexico being its largest buyer, followed by Japan, South Korea and Canada. With this ban being lifted and China having a high demand for beef we can accept our exports to rise and overall GDP to rise in the coming years. With China already being a big trade partner for us I can only assume that this will do nothing but bring more money into our economy and help us out in the long run. This could potentially create more jobs in the agricultural market as well since there will be a higher demand for beef products to be exported.
http://money.cnn.com/2016/09/22/news/china-us-beef-imports/index.html?iid=SF_River
China's population is very big, and with their steady economic growth, they can now become an important buy of our meat. With an increase in our exports, I agree that this can positively benefit our GDP here in the US. This lift on the embargo will on have a positive impact for our economy.
ReplyDeleteEconomic growth is always an initiative of the U.S. Because China has lifted the ban off beef imports, it contributes to the US GDP growth with the exporting of beef. Now, one thing the U.S. must adjust to is the spike in rise for beef compared to China's past moderation intakes. The question here is whether the US can supply all that meat?
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