A tanker ready to be loaded with liquefied natural gas (LNG) at the Rudong LNG terminal of CNPC (China National Petroleum Corporation) in Jiangsu province, September 4, 2018. Credit: Imaginechina via AP Images
Who does China trade with in order to keep the lights on? Not the United States.
Once burgeoning U.S. exports of fossil fuels to China are drying up as a result of Russia’s invasion of Ukraine and the expiration of the U.S.-China Phase One trade deal that was signed back in 2020. Europe’s scramble for a reliable supply of natural gas has led American producers to redirect their supplies across the Atlantic; meanwhile, Russia is turning to China to buy up its excess supply.
Should current trends continue, the result would be a reorienting of the global energy trade in ways not seen since the end of the Cold War, with the movement of commodities aligning with hardening political blocs. Some experts say that energy trade flows may be just the start, with its realignment a harbinger of things to come for other industries, including agriculture and manufacturing.
This week, The Wire looks at how the U.S.-China trade in energy commodities has changed this year,
Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else.
A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times.
A daily roundup of China finance, business and economics headlines.
We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.
Ten years ago, as Steve Wynn expanded his gambling empire in Macau, his company made a $50 million payment to two mysterious businessmen, raising eyebrows on both sides of the Pacific. But scrutiny of the deal eventually died down, and Wynn Resorts' Macau operations went on to constitute an astonishing 75 percent of the company's revenue. Now, an investigation by The Wire has uncovered new evidence about the identities of Wynn's Macau partners, and the discovery sheds light on the often impenetrable universe of high stakes dealmaking in Macau, one of the world’s biggest gambling hubs.
The journalist talks about her new book; reporting on Russia, China and North Korea; and how past wars have become such a dominant presence in the politics of those countries.
