logo
ENع
Trump: US-China trade deal is 'done'

Trump: US-China trade deal is 'done'

NHKa day ago

US President Donald Trump said Wednesday a trade deal with China "is done," after top officials wrapped up two days of talks in London the day before.
Trump made the announcement on social media.
He noted that it is "subject to final approval" with himself and Chinese President Xi Jinping.
Trump said: "Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities."
At a hearing at the House Ways and Means Committee, Treasury Secretary Scott Bessent told lawmakers that the talks were successful. But he urged China to be a "reliable partner" in trade negotiations.
Bessent said if China "will course correct by upholding its end of the initial trade agreement" outlined at the Geneva talks last month, then the rebalancing of the world's two largest economies is possible.
The discussions lasted late into the night on Tuesday.
The two sides finally agreed on a framework for easing trade tensions, building on the consensus reached in Switzerland.

Hashtags

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Japan's JERA agrees to buy U.S. LNG to rebalance supply portfolio away from Australia
Japan's JERA agrees to buy U.S. LNG to rebalance supply portfolio away from Australia

Asahi Shimbun

timean hour ago

  • Asahi Shimbun

Japan's JERA agrees to buy U.S. LNG to rebalance supply portfolio away from Australia

JERA Chairman and Global CEO Yukio Kani talks during an interview with Reuters in Tokyo on June 9. (REUTERS) JERA, Japan's biggest power generator, has agreed to new supply deals for U.S. liquefied natural gas from four projects to diversify its global portfolio away from its reliance on Australia, it said on Thursday. JERA plans to buy up to 5.5 million metric tons per annum (mtpa) of U.S. LNG under 20-year contracts, with deliveries starting around 2030. That total includes some previously reported deals as well as newly announced agreements. Of the 5.5 mtpa announced on Wednesday 2.5 mtpa are non-binding agreements, also called Heads of Agreement (HOA). The move illustrates Japan's efforts to seek stable and flexible LNG supply to strengthen energy security and meet growing electricity demand driven by expanding data centers. The country is the world's second-largest LNG importer after China. The move also boosts U.S. President Donald Trump's efforts to expand LNG exports from the United States, already the world's top shipper of the super-cooled fuel, to help domestic producers and improve the trade balance with Japan. Doug Burgum, the U.S. Interior Secretary, said at an event at the Department of Energy headquarters in Washington that the agreements are about prosperity and peace. "When we can sell energy to our friends and allies, our great ally like Japan, so that they don't have to buy it from our adversaries, that makes the world a more secure place." Among the agreements, Japan's biggest LNG buyer signed an HOA with Sempra Infrastructure for 1.5 mtpa from its Port Arthur LNG phase 2 project and an HOA with Cheniere Energy for up to 1 mtpa from Corpus Christi LNG and Sabine Pass LNG. The Japanese utility also signed a 20-year sales and purchase agreement with U.S. LNG developer Commonwealth LNG for 1 mtpa from its Louisiana project. On Tuesday, sources familiar with the negotiations told Reuters about the deal, although both companies declined to comment at the time. The 5.5 mtpa figure also includes its deal announced on May 29 with NextDecade to buy 2 mtpa from its Rio Grande LNG project. All four are 20-year, free-on-board contracts with no destination restrictions, although the Cheniere deal could go beyond 20 years, JERA said. "We made these decisions because cost-competitive and flexible LNG is essential as we look towards the 2030s," JERA's global CEO and chair, Yukio Kani, told Reuters. He added that LNG has become increasingly important amid rising power demand from data centers and the soaring costs of cleaner alternatives like hydrogen and ammonia. "We were also aiming to secure contracts with the projects already under development and tied to the EPC (engineering, procurement, and construction) agreements before the recent surge in LNG project costs and interest rates," he said. REBALANCING SUPPLIES The announcement comes amid ongoing trade talks between Japan and the United States, though Kani stressed there was no government pressure behind the deals which he said were purely private-sector decisions. "We are rebalancing towards the global supply mix," he said, to reduce its weighting toward Australia. After the new deals, the U.S. will supply nearly 30% of JERA's LNG mix, up from 10% now. Oceania and Asia, including Australia, currently account for more than half. Cheniere said in the last decade it has found it challenging to find a Japanese buyer for its LNG. "We're honored that off-taker is Japan's, and the world's, largest buyer of LNG," Cheniere Chief Commercial Officer Anatol Feygin said at the event on Wednesday. Sempra said it was happy to work with JERA. "With this announcement, we continue to make steady progress towards reaching a final investment decision for the project," said Justin Bird, chief executive officer of Sempra Infrastructure. Commonwealth LNG said it was delighted to be partnering with JERA, considering the Japanese buyer's prominent role and extensive experience along the full LNG value chain. JERA, jointly owned by Tokyo Electric Power and Chubu Electric Power, already buys U.S. supply from Freeport LNG and Cameron LNG. In 2023, it signed a 20-year contract to buy 1 mtpa from Venture Global's CP2 project.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store