West Virginia Lands the Biggest Chinese Deal
WHEELING — West Virginia leaders joined those from Boeing, Goldman Sachs, the U.S. Soybean Export Council and several others to sign on for more than $250 billion worth of deals in China last week, according to U.S. Secretary of Commerce Wilbur Ross.
Still, the $83.7 billion memorandum of understanding West Virginia Secretary of Commerce Woody Thrasher signed with China Energy Investment Corp. for petrochemical manufacturing, generation and storage was the largest individual deal President Donald Trump and Chinese President Xi Jinping witnessed in China early Thursday.
“I believe these deals can provide a solid foundation for a stronger relationship that is more free, fair, and reciprocal between the U.S. and China,” Ross said upon announcing the plans.
Ross cited the “imbalance in U.S.-China trade” as a primary focus of the Trump administration.
He said a delegation of corporate executives from the U.S. spent two days discussing matters with Chinese business and government officials.
The relationships the parties established should prove fruitful in coming years, Ross added.
“A special ‘thank you’ to our CEO delegation for their hard work in support of this historic event,” Ross said.
Ross said some of the companies and governments that made deals with Chinese officials did not disclose the dollar figures involved. However, the West Virginia $83.7 billion deal is the largest one for which officials list a value.
Other notable deals include:
– Alaska — $43 billion to develop natural gas assets;
– Boeing — $38 billion for 300 airplanes;
– American Ethane Co. — $26 billion to export ethane to China;
– Qualcomm Inc. — $12 billion worth of semiconductors for electronic devices;
– Ford Motor Co. — $10 billion worth of North American vehicles and auto parts;
– Delfin Midstream — $8 billion to export liquefied natural gas from the Gulf Coast;
– Goldman Sachs — $5 billion for a fund to invest in American companies;
– General Electric — three separate deals worth a total of $3.5 billion for engines and turbines;
– U.S. Soybean Export Council — $3.4 billion for 8 metric tons of U.S.-grown soybeans; and
– General Motors — $2.2 billion for worth of U.S.-made vehicles and auto parts;
“American businesses are the most innovative in the world and, when given access, can compete with anyone,” Ross added.