China's imports of US goods plunge amid trade war, complicating ‘phase 2' deal
Officials from Beijing and Washington
begin a crucial third round of trade talks in Stockholm on Monday, with many analysts predicting the US side will focus on securing Chinese agreements to import more American oil, liquefied natural gas and other goods.
The talks come a day after the US struck a framework trade deal with the European Union that included an EU commitment to
ramp up imports of American energy and military equipment, and the US setting a 15 per cent tariff rate on EU goods.
'The Trump administration is pursuing a 'phase two' trade deal and will request large purchases of US commodities, including energy, as well as direct investment in US commodity production and export capacity,' said Matt Gertken, chief geopolitical strategist at BCA Research in Canada.
But he added that 'US-China national security competition will force China to impose limitations on US dependency'.
China has long been a major buyer of US energy and agricultural products, but its imports of several American commodities have plunged or completely frozen in recent months as tensions between the two sides have intensified over a series of trade and technology issues.
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