A look at how U.S.-China trade in energy commodities has changed this year, and what it means for the future of trade between the two countries.
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.
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