U.S. and Chinese companies signed deals worth more than $250 billion during President Donald Trump’s visit to Beijing, Chinese President Xi Jinping announced Thursday.
Trump and Xi witnessed the signing of deals — that include Boeing, U.S. soybeans and joint development of natural gas in Alaska. Also part of the deals is a $750 million plan by Ford Motor Co. to build an all-electric car factory in China.
Xi said the United States’ and China’s economies are more complementary than competitive.
“We are willing to expand imports of energy and farm produce from the United States, deepen service trade cooperation,” Xi said. “We hope the U.S. side will increase exports of civil technology products to China. We will continue to encourage Chinese companies to invest in the United States.”
Many deals weren’t broken down into separate valuations and some of the included figures were based on existing agreements.
Boeing’s $37 billion aircraft deal, for example, is based on a previous agreement. China agreed in 2013 to buy 300 aircraft from the United States. A 20-year shale gas and chemical project in West Virginia will span over a long period of time, and an agreement involving Cheniere Enegery was presented at $11 million without company representatives at the signing.
The $43 billion Alaska Gasline Development project has been in discussion for years, but only applied for federal approval in April.
The deals were specified Thursday as Trump continues his jaunt through Asia. Thursday, the president pledged to change what he said was an “unfair” trade relationship between Washington and Beijing.
“We have gotten so far behind in trade with China and, frankly, with other countries,” he said. “We’ll make it fair.”
“Overseas-invested companies, including the U.S.-invested firms, will enjoy a more open, transparent and standard market environment in China,” Xi added.
China is the United States’ largest trading partner. Over the last decade, U.S. exports to China have increased 11 percent annually, on average.
By Sara Shayanian