Trucks are loaded with shipping containers at a port in Qingdao, Shandong province. Picture: REUTERS
Those totals would certainly trim the roughly $300bn annual trade gap between the countries. However, analysts who study Chinese commodity flows remain sceptical that Beijing can absorb such quantities of US goods without threatening trade ties with other suppliers, hurting its own domestic producers, and making substantial changes to import standards and quotas.
Gavin Thompson, vice-chair for Asia Pacific at Wood Mackenzie, was surprised by the energy figure since it would mean tariffs on US crude and LNG imports would have to be removed, particularly for LNG to be competitive.“Most of the Chinese refineries were designed to process medium-sour crude, but US oil is mostly light-sweet,” SIA’s Tee said, referring to the density and the sulphur amounts in crude, which dictate the types of fuels that can be refined from an oil.
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