Despite Trump’s pressure, China is abandoning American oil

Despite Trump’s pressure, China is abandoning American oil
Despite Trump’s pressure, China is abandoning American oil

11/26 13:42

China has intensified its purchases of crude oil, propane and liquefied natural gas from the United States since last July, under the trade agreement.

According to Reuters, today, Thursday, China’s total purchases of US energy products through October are still well below the targets set for 2020 included in the Phase 1 trade agreement with Washington.

According to Reuters calculations, which were based on Chinese customs data, over the first ten months of 2020, China’s purchases of crude oil, liquefied natural gas, propane and butane from the United States amounted to $ 6.61 billion, just about 26 percent of its target of $ 25.3 billion.

Although the target volume is unlikely to be achieved by the end of the year, Chinese and US trade officials reaffirmed their commitment to the agreement in August, and China’s imports of US energy products increased sharply in the second half of the year.

The value of purchases through October is a five-fold jump from the $ 1.29 billion level recorded at the end of June.

In January 2020, Washington and Beijing signed an interim agreement that eased tensions in their trade dispute, under which China agreed to increase its imports of US goods by $ 200 billion in the next two years.

The centerpiece of the deal, the White House said, was China’s pledge to buy at least $ 200 billion in additional US agricultural products and other goods and services over two years, adding to $ 186 billion in core purchases in 2017.

The Corona virus dispelled the positive effects of phase 1 of the trade agreement signed between the two countries as a result of deal breakdowns and damage to economic growth, according to a report issued by the Rhodium Group for Research and the National Committee for US-China Relations.

In the last week of last August, US President Donald threatened, again, to end trade with China, which is known as secession, saying, “He is ready to end trade with China to a large extent.”

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