Letter from China: US-China trade deal in the last chance saloon
Presidents Trump and Xi’s compact on rebalancing may be the next domino to fall
Relations between the US and China have sunk to new lows with unprecedented speed on virtually every bone of contention between the two economic superpowers recently—Huawei, Hong Kong, TikTok and Taiwan to name but a few. Next to unravel could be the sole glimmer of hope in Sino-US relations: the phase one economic and trade agreement signed in mid-January. Seven months on, it looks increasingly unlikely that China will live up to the ambitious targets for purchases in the trade deal that include procuring US energy products. China is significantly behind on imports of American LNG, crude oil, refined products and coal and, unless something extraordinary occurs, Beijing will not meet its tar
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
