Trump Says China Will Buy U.S. Oil at Beijing Summit
CNBC reported Thursday that President Donald Trump announced China has agreed to purchase American oil, a headline commitment emerging from a two-day bilateral summit in Beijing. Trump made the disclosure in a pre-recorded Fox News interview conducted after his Thursday meeting with Chinese President Xi Jinping.
Energy Deal Takes Center Stage at Beijing Summit
Trump said Chinese tankers would sail directly to Texas, Louisiana, and Alaska to load American crude. The pledge arrives after U.S. crude oil exports to China collapsed by roughly 95% between 2023 and 2025, falling to just 8.4 million barrels last year. Total U.S. crude and petroleum shipments to China also declined 25% year over year in 2025, hitting 237.8 million barrels. The new commitment represents a significant potential reversal of that downward trend.
The broader summit agenda includes expanded market access for U.S. businesses and additional American goods purchases. China’s foreign ministry said Friday the two leaders reached “a series of new consensus,” covering bilateral stability for the next three years and beyond.
Iran and the Strait of Hormuz Draw Attention
Beyond energy trade, Trump said Xi pledged to assist with ongoing Iran negotiations and to halt any supply of military equipment to Tehran. Trump also noted that Xi wants the Strait of Hormuz kept open and toll-free, a statement carrying significant weight given China’s deep dependence on Iranian crude. Beijing absorbs roughly 90% of Iran’s oil exports, importing approximately 1.4 million barrels per day from the country in 2025, according to U.S. government data. China’s foreign ministry separately called for warring parties in the region to pursue a lasting ceasefire and restore stability to Gulf shipping lanes.
Background: A Historic and Rare Presidential Visit
Trump’s trip to Beijing marks the first time a sitting U.S. president has visited China in nearly nine years. The summit has combined ceremonial pageantry with substantive dealmaking, and officials planned a working lunch Friday before the U.S. delegation departed for Washington. China’s government also issued a pointed warning that mishandling the Taiwan question could destabilize the entire bilateral relationship.
Friday’s closing session between Trump and Xi was expected to consolidate the agreements reached during Thursday talks. Markets will be watching closely to see whether the energy and Iran pledges translate into formal agreements or remain preliminary understandings.
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