By the time the US and China begin formal negotiations to restart stalled talks to revive stalled trade talks, a major fishing industry will be out of the water, with China’s fishing fleet set to become the only one of its kind in the world.
Bass Cat is a privately owned company that manufactures and ships fish and catches it in waters around the world, with its boats, trawlers, and boats being the most important vessel in the industry.
The US is expected to start formal negotiations with the Chinese this week to restart a stalled trade deal, and the two sides are set to meet at the end of May to hammer out a deal.
The talks, however, have been in limbo for several years due to a dispute between the two nations over ownership of a vital fishing industry, which the US accuses China of violating.
Since its founding in 2007, Bass Cat has been in legal limbo, unable to access the US market due to disagreements over who owns the company, which is located in Texas.
The companies dispute over who controls the company has been going on for some time, and US officials say they are prepared to strike a deal that would bring Bass Cat back into the US waters if the US would accept a US-China fishing agreement.
The deal would be the first of its sort, according to US officials, and would allow the US to purchase more than 10% of the company’s stock in the event that the company were to sell, though this could happen only if both sides agree to the deal.
“There is a significant amount of interest in the US-Chinese fishery agreement, and if there is sufficient public support for a final agreement, we would be willing to negotiate,” a US official told CNN.
The official said it would be unlikely that the two countries would agree on the final deal before the US presidential election in 2020.
While the US is likely to have a hand in the deal, the White House said the administration is not looking to make a deal before 2020.
“We have no intention of making any significant concessions at this time,” White House Press Secretary Eric Schultz told reporters.
The announcement comes after US officials announced plans last week to allow China to buy up to 15% of all stock in US-based Bass Cat if it agreed to give up some of the rights to operate the company in the United States.
A new report from The New York Times says that if the deal with China goes through, the US could buy more than 15% in the stock of Bass Cat, a deal it would likely need to approve as a condition for any deal.
If it goes through in May, the deal would allow US officials to buy the entire stock of the US firm, according the Times, though they said the agreement could not be finalized before 2020 at the earliest.
This could leave the US unable to compete with the US in the global fishing market, and will further strain the already struggling fishing industry.
China has been accused of dumping fishing quotas on US-held territory and illegally dumping fish from the country into international waters, and has also accused the US of violating a landmark agreement with China to protect fish stocks and fish populations.
China is not the only country that is upset about the trade deal.
In October, the Chinese government launched a campaign to convince the US government that it does not own the fishing rights to its waters, with a poster featuring the image of the iconic red-and-white American flag flying alongside the words: “No country owns the rights of fishing in the continental United States.”
A number of prominent US-made fishing boats, including the US Navy’s iconic USS Arizona and the Navy’s Blackjack, have also been ordered to stop fishing in Chinese waters.
The administration has previously said that the US has the right to defend its fishing rights in the South China Sea and other international waters and has promised to make the same commitments to other nations.
The White House is also planning to hold a joint press conference with China on May 27 to discuss the fishing deal, according a White House official, who did not specify a date.