Skip to comments.US Pushes China to Buy its Oil and Gas in Wake of Trade Row - Reports
Posted on 05/28/2018 5:37:08 PM PDT by Eddie01
In April, Beijing was given a list of goods that China buys in various countries that can be replaced by American ones. The list includes oil, oil products, liquefied natural gas, beef, poultry and soybeans.
Washington is pressuring Beijing by lobbying long-term contracts for the supply of energy resources and agricultural products to China in order to reduce the multi-billion-dollar trade deficit between the countries, according to the Financial Times.
Washington also intends to seek the abolition of quotas on US supplies to China. If the parties agree to remove trade barriers, then the expansion of energy supplies, according to the US Treasury, will bring the US an additional 50-60 billion dollars a year.
TED S. WARREN 'Trade Wars Between US and China Can No Longer Continue' Trade Specialist
As for agricultural products, the supply to China will double from the $19.6 billion in 2017.
The multiyear contracts to buy US agricultural and energy imports are a part of a broader trade deal aimed at reducing the $337 billion bilateral trade deficit with China.
By the end of May, US Secretary of Commerce Wilbur Ross is set to meet with Chinese authorities, where the parties will discuss Washingtons proposal.
Ross trip comes after Donald Trump announced a deal to allow Chinese telecoms firm ZTE to resume operations in the US after paying a $1.3 billion fine and taking other measures.
U.S. President Donald Trump and Chinese President Xi Jinping shakes hands during a joint press conference at the Great Hall of the People, Thursday, Nov. 9, 2017, in Beijing.
US Trade Deal With China 'Moving Along Nicely' - Trump The publication Financial Times noted that a decision on long-term cooperation, if adopted, will affect Chinese business with US allies: the European Union, Australia, Brazil and Argentina, which also supply goods and products to China.
Administration officials also stated that they are pushing for other long-term changes in China, such as reform of its intellectual property rules and alterations to Xi Jinpings Made in China 2025 policy to lead the world in 10 key sectors, the original targets of US tariff threats earlier this year, the FT reported.
Earlier, Beijing and Washington agreed not to unleash a new trade war because of increased US customs duties on Chinese goods and tit-for-tat measures by China.
This is the latter.
Great if we could sell them oil, we’d have ‘em by the balls like OPEC had us.
Merkel and Macron have been fawning over Putin lately. All are in cohoots to save Iran Nuke Deal. All three plus China bashing USA for leaving Climate Deal and defending Jerusalem for Israel as well.
Bypassing US sanctions, Macron just promised billions of French dollars to (very corrupt) Russian-oligarch run businesses at the St. Petersburg Econ forum.
Germany is building “Nordstream 2” gas pipeline with Russia despite USA objections. Judging by this behavior we should keep up a trade war with the E.U. - not just China.
Germany also needs to pay up for NATO or start fending for themselves militarily. They barely pay any percentage of their GDP! France at the very least has got the memo and Macron has promised to pay up.
So sick of Russian and Chinese govts. And our European “allies” rip the U.S. off too. So annoying.
Words in Beijing is that Americans wants China to buy from America to sabotage Chinese energy agreement with Russi.
Liquified Natural Gas would be great for both US and China. We have an incredible amount of it, and the technology to liquify and transport it. The vast majority of Chinese arent near a pipeline, but LNG can be trucked in to just about anywhere. We HAD only 1 LNG port to export the stuff, but 5 new ones have been added.
China owes a lot more to the U.S.A. for their economy and overall 21st Century rise than to Russia. But their culture of blatant cheating and authoritarian tendencies are more in line with the Kremlin. Plus both powers are blatantly envious of/outright hate-filled towards America.
Yes, most people dont realize that American LNG exports QUADRUPLED in 2017 and continue to grow. Just another consequence of the 2016 election.
In April, Beijing was given a list of goods that China buys in various countries that can be replaced by American ones. The list includes oil, oil products, liquefied natural gas, beef, poultry and soybeans. Washington is pressuring Beijing by lobbying long-term contracts for the supply of energy resources and agricultural products to China
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