US oil wells, farms and mines to benefit from trade pressure on China
Singapore — American crude drillers, coal miners and farmers are set to be among the beneficiaries of the Trump Administration’s trade pressure on China. China has offered to boost purchases of American goods by about $25bn this year, showing particular willingness to step up imports of crude oil, coal and farm products, according to people briefed on trade talks between the two countries. The Chinese offer comes days after US commerce secretary Wilbur Ross visited Beijing for talks over how to reduce China’s goods-trade surplus and diffuse an escalating trade war. The offer underscores how commodities have shifted from being seen as a potential casualty of the trade conflict to a possible beneficiary of Beijing’s pledge to import more American goods. US exports to China in 2017 totalled $130bn while Chinese imports to the US totalled $506bn. That left a US deficit of more than $375bn. Here is a closer look at the commodities that may be affected by trade talks: • Crude China is alr...
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