The White House says China is interested in increasing US oil purchases as Presidents Xi Jinping and Donald Trump meet in Beijing. The two-day summit also focused on Iran, the Strait of Hormuz, trade and Taiwan.
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Xi Trump summit puts energy, trade and security at the center of US-China talks
The White House said President Xi Jinping expressed interest in purchasing more US oil to offset supply disruptions and reduce China’s dependence on Middle Eastern crude. The proposal emerged after the opening day of the two-day Xi Trump summit in Beijing, marking the first visit by a US president to China in nine years.
China is the world’s largest crude oil importer, but shipments from the United States have fallen sharply because of trade tensions between the two countries. Official Chinese media reports did not mention energy among the topics discussed during the meeting. However, Xi and Trump did address the war with Iran and the situation in the Strait of Hormuz.
Bessent: “Alaska is a natural market for China”
Following the White House announcement, US Treasury Secretary Scott Bessent told CNBC that the leaders discussed the possibility of China purchasing more US energy. According to Bessent, China should be viewed as a natural destination for energy production from Alaska.
Chinese state media have not commented on the proposal, and no concrete details have been released regarding any potential agreement.
China has not imported US crude oil since May 2025 because of the 20% tariffs imposed during the trade war between the two superpowers. Those tariffs would need to be removed before any agreement on oil purchases could move forward.
Even during the strongest periods of bilateral relations, however, the United States has never been one of China’s primary crude suppliers. US oil exports to China reached about 395,000 barrels per day in 2020, accounting for roughly 4% of the country’s total crude imports. By 2024, before Trump’s return to office, that figure had declined to 193,000 barrels per day, representing approximately $6 billion in trade.
Bessent also said the two sides discussed establishing both a “Board of Trade” and a “Board of Investment.” The proposed trade board would identify nearly $30 billion worth of non-sensitive or low-value Chinese products that the United States has no interest in manufacturing domestically, allowing Washington to apply lower tariffs to those imports. In return, China could purchase more US fuel to diversify its energy supply. The investment board would identify non-sensitive sectors where both countries could expand investment opportunities.
Iran and Taiwan dominate the Xi Trump summit
Regarding Iran, both the United States and China agree that the Strait of Hormuz must remain open. Xi opposed the militarization of the strategic waterway and rejected the idea of imposing transit fees on commercial shipping.
Taiwan, however, emerged as one of the central issues during the Xi Trump summit.
“The Taiwan issue is the most important issue in China-US relations,” Xi said, according to the state news agency Xinhua. “If mishandled, the two countries could face confrontation or even conflict, pushing the entire China-US relationship into an extremely dangerous situation.”
China continues to claim sovereignty over Taiwan and has repeatedly stated that it intends to bring the island under its control, by force if necessary, should Taipei continue to resist indefinitely.
Xi is seeking greater freedom of action over Taiwan. Growing speculation suggests that the Chinese president may have received assurances from Trump in exchange for cooperation in other strategic areas, including Beijing’s willingness to pressure Iran to reopen the Strait of Hormuz, potentially alongside increased purchases of US oil.
In particular, concerns are mounting that Trump could reduce US arms sales to Taiwan or even alter Washington’s long-standing policy toward the island. The United States could shift from its current position of not supporting Taiwanese independence to actively opposing it, aligning more closely with Beijing’s objectives while undermining Taipei’s democratic aspirations.
