President Donald Trump has suggested a possible oil and gas deal for Alaska with China following his meeting with the Chinese leader Xi Jinping.
Trump wrote on Truth Social on Thursday: “A very large scale transaction may take place concerning the purchase of oil and gas from the great state of Alaska.”
Why It Matters
China has previously avoided purchasing U.S. crude oil, and has been reselling U.S. liquefied natural gas (LNG) since early this year. America only accounted for around five percent of China’s LNG imports and two percent of its crude oil imports in 2024, according to Chinese customs data. Trump’s announcement indicates a change in China’s trade policy.
It comes after trade tensions escalated rapidly between the U.S. and China this year, with tariffs being imposed by both nations.
This has included China’s 44 percent tariff on U.S. soybean exports, which was a huge blow to American farmers. Soybeans make up about 14 percent of total U.S. agricultural exports, making them America’s most valuable foodstuff sold abroad.
