US President Donald Trump (L) and China’s President Xi Jinping attend a business leaders event inside the Great Hall of the People in Beijing on Nov. 9.
US President Donald Trump (L) and China’s President Xi Jinping attend a business leaders event inside the Great Hall of the People in Beijing on Nov. 9.

US, China Sign 37 Deals Worth $253b

US, China Sign 37 Deals Worth $253b

The US Commerce Department has revealed the list of the 37 major deals signed between US and Chinese companies around President Donald Trump's trip through Asia.
The dollar value of those deals is $253.4 billion. Caterpillar, Boeing and Goldman Sachs are just some of the notable names on the list of companies that made deals with China, CNBC reported.
The agreements, some of which were less than firm contracts, signed at a ceremony attended by Trump and his Chinese counterpart, Xi Jinping, included the purchase of US-made chipsets, jetliners and soybeans. The two sides agreed to cooperate on a gas project in Alaska they valued at $43 billion and a shale gas demonstration project valued at $83.7 billion.
After the signing ceremony, Xi promised a more open business environment for foreign companies after Trump vowed to change what were deemed unfair trade relations.
Xi said China is committed to further opening its economy to foreign investment, though he gave no details.
Chinese Commerce Minister Zhong Shan said deals signed Thursday totaled $253.4 billion. That was on top of $9 billion in agreements signed Wednesday at an event attended by US Commerce Secretary Wilbur Ross.
Ross said the deals were a good example of Trump helping to build bilateral trade relationships between the two nations.
Goldman Sachs CEO Lloyd Blankfein, Qualcomm CEO Steve Mollenkopf, Cheniere Energy CEO Jack Fusco, Air Products CEO Seifollah Ghasemi, and division heads from Boeing and General Electric were among the more than two dozen business leaders who attended.
Trade has been one of Trump's core priorities in his first year in office. He held talks with Xi about the multibillion-dollar US trade deficit with China.
According to Chinese customs data, China's trade surplus with the US expanded by 12.2% in October from a year earlier to $26.6 billion. For the first 10 months of the year, the total surplus widened to $223 billion. China is the US's No. 3 export market, just behind Canada and Mexico.
Blankfein told CNBC on Thursday it's inevitable that the Chinese economy will be bigger than the US economy based on the sheer population disparity alone.
"These are the two biggest economies in the world," Blankfein said in the interview from Beijing.
"On a constant dollar basis," taking inflation into account, the Chinese economy is not that close to exceeding the US economy in the near term, Blankfein said. US gross domestic product was about $18.5 trillion in 2016 compared with Chinese GDP of $11.4 trillion.
According to a PwC study, the Chinese economy will overtake the US economy by 2030 by about $26.5 trillion to $23.5 trillion.
But on the measure of "purchasing power," China has already surpassed the US, Blankfein said.

Short URL : https://goo.gl/FS3swp
  1. https://goo.gl/A9aBTk
  • https://goo.gl/EFWp76
  • https://goo.gl/KbFhFt
  • https://goo.gl/6rxvTk
  • https://goo.gl/y5pvQ2

You can also read ...

Philippines Growing Faster Than Expected
The Philippine economy grew at a faster than expected 6.9%...
The British economy will hardly expand 0.3-0.4% per quarter through to June 2018, with growth of 1.5% this year and 1.3% the next.
British economic growth will remain tepid over the coming few...
Italy Braces  for $1b Loss
Italy’s failure to qualify for the 2018 football World Cup in...
Siemens to Cut 6,900 Jobs
Labor unions have reacted angrily to layoff plans unveiled by...
Russia CB  Sees 1.8%  GDP Growth
Russia’s economic growth rates are close to potential, Central...
The rupee, bonds and stocks rallied after Moody’s upgraded India to Baa2 from Baa3 and said reforms being pushed through by Modi’s government will help stabilize rising levels of debt.
Forget India's economic troubles this year. Moody's thinks...
Cheap ECB Cash Still Key for Eurozone
The eurozone economy remains dependent on cheap credit and the...
IMF Sees Economic Revival in Myanmar
The International Monetary Fund on Friday forecast an economic...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.