US President Donald Trump said China has agreed to buy oil from the United States, in a significant development in Washington-Beijing relations after recent tariff tensions.
Trump made this statement in an interview with US media outlet Fox News after meeting with Chinese President Xi Jinping in Beijing.
Trump said there have been discussions about further expanding trade relations between the two countries. China’s renewed interest in the US energy and agricultural markets, in particular, is sending positive signals.
China, one of the world’s largest energy importers, has long been a major buyer of Iranian oil. However, after the Trump administration imposed tariffs, Beijing significantly reduced its oil imports from the United States. At the same time, China has also reduced its imports of U.S. soybeans and turned to the Brazilian market.
Trump has claimed that Beijing has now partially reversed that stance and shown interest in buying US oil and soybeans. Analysts say this could be part of an effort to normalize trade relations between the two countries.
Trump said the meeting with the Chinese president also discussed business opportunities for U.S. financial institutions. He said there was a request for greater access for U.S. companies in China’s credit card sector, particularly about giving U.S. financial services companies, including Visa Inc., greater access to the Chinese market.
International trade analysts believe that the talks signal new potential for economic relations between the two countries after a long-standing trade dispute between Washington and Beijing.