- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

US Pushes China to Buy its Oil and Gas in Wake of Trade Row - Reports

© REUTERS / Jason LeeChinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018
Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018 - Sputnik International
Subscribe
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. 

Chinese and US flags. (File) - Sputnik International
World
'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 Washington’s 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. (File) - Sputnik International
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 Jinping’s 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.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала