75925
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 ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus