China to buy U.S. oil to feed its 'insatiable appetite,' Trump tells Fox News
CNBC • • nation
Key Points:
- U.S. President Donald Trump announced that China has agreed to purchase American oil, with plans for Chinese ships to dock in Texas, Louisiana, and Alaska, following his meeting with Chinese President Xi Jinping in Beijing.
- Trump stated that China would assist with Iran negotiations and agreed not to supply military equipment to Tehran, while also supporting the reopening of the Strait of Hormuz without tolls.
- Despite these agreements, U.S. crude and petroleum exports to China have declined sharply, with crude oil exports dropping 95% from 2023 to 2025.
- China's foreign ministry confirmed that the leaders reached several new agreements aimed at building strategic stability in their bilateral relationship for the next three years and called for a ceasefire to restore stability in the Middle East.
- The summit, marking the first visit by a sitting U.S. president to China in nearly nine years, includes discussions on market access, trade deals, and warnings from Beijing about the potential impact of mishandling the Taiwan issue.