The global liquefied natural gas market with import

  • No School
  • AA 1
  • 47

This preview shows page 30 - 32 out of 47 pages.

the global liquefied natural gas market, with import volumes doubling over the past two years. That trend is only getting started. Chinese imports of petroleum and natural gas from the US are soaring. The LNG consumption has risen by 23 percent a year from 2016 to 2020, taking imports to 61.2 million metric tons annually from 26.2 million tons in 2016, according to Wood Mackenzie, a consultancy. According to the International Gas Union, total re - gasification capacity would rise to more than 100 million tons a year in 2022, at a time when the US liquefaction capacity would be approaching 70 million tons a year. 33 Although this would not wipe out the trade deficit, but some reduction would certainly take place. 31. John Cassidy, Why China Is Winning the Trade War ”, The New Yorker, May 23, 2018 available at: - columnists/why - china - is - winning - the - trade - war 32.David Dollar, Is China Willing to Deal on Trade? What We Learned from Xi s Recent Speech ”, April 11, 2018 available at: - from - chaos/2018/04/11/is - china - willing - to - deal - on - trade - what - we - learned - from - xis - recent - speech/ 33. David Fickling, China Can t Cut Its Trade Gap by $200 Billion ”, May 18, 2018, available at: - 05 - 18/china - can - t - cut - its - u - s - trade - surplus - by - 200 - billion
Image of page 30

Subscribe to view the full document.

US - CHINA Trade War: Analyses of Deeper Nuances and Wider Implications 31 USA Yielding Space to China Trump s messaging on trade is accompanied by wider practical implica- tions. Not only does the US policy allow China to play an increasing successful role in the domain of global institutional economic governance in established bod- ies like the IMF, World Bank and WTO, but also it encourages it to develop new bodies like the Asian Infrastructure Investment Bank (AIIB). While other actors such as the European Union (EU) and Germany and now France individually have aspirations, they are not playing a global leadership role reflective of their influ- ence and standing. Threats to the international economics and political orders in the absence of both individual and collective leadership from the world s greatest power are real. While the US is still a major player in the overall economy of the Asia Pacific, it has effectively vacated the institutional playing field. Notwith- standing the target for the tariffs was China, the victims would be its allies, notably Canada, Germany and South Korea. 34 World Trade Organisation (WTO ) Unlike Great Britain, France, and other countries that exerted international influence through colonies, the US preferred to govern the world by establishing a series of international systems: the United Nations and its affiliates for the politi- cal and security arena; the alliance system and military base network in the mili- tary arena; the Bretton Woods system for finance and the General Agreement on Tariffs and Trade (GATT, which later evolved into the WTO) for trade in 1995.
Image of page 31
Image of page 32
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes