NEW YORK/SINGAPORE (Reuters) – U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.
Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.
China had emerged as a top U.S. crude buyer, taking $5.42 billion worth in 2018 before trade tensions brought flows to a near halt. Read more…..
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Economist and best-selling author Jeffrey Sachs says a geopolitical Cold War with China would be a “dreadful mistake.” He explains how globalization will persist as societies and workplaces move online and urges policymakers to come together to tackle issues like climate change. Sachs says the U.S. economy won’t have a “v-shaped” recovery because of he country’s failure to contain the spread of the coronavirus pandemic.