Trump and Xi Meet in Beijing to Seek Return of U.S. LNG, Oil

President Donald Trump and Chinese leader Xi Jinping met in Beijing on May 14-15, 2026 to discuss resuming U.S. liquefied natural gas and crude oil exports to China. U.S. LNG shipments to China fell from 4.15 million metric tons in 2024 to 26,000 metric tons in 2025, a 99.4% decline.

The talks built on a broader framework agreement reached in November 2025 that covered agricultural purchases, rare earth export controls and semiconductor supply chains. Under that deal, China committed to purchase 12 million metric tons of U.S. soybeans in late 2025 and at least 25 million metric tons annually through 2028, and it suspended certain export controls on rare earths for U.S. end users.

Energy remained unresolved from the November talks and was a central agenda item in Beijing. U.S. LNG exporters and terminal operators had expanded capacity in part expecting continued Chinese demand; the near-collapse of shipments removed a major trade corridor between the two economies.

Officials from Beijing and Washington discussed terms to encourage China to resume purchases, including timing, volumes, contract length, delivery schedules and price formulas. Negotiators focused on converting framework commitments into enforceable trade flows.

Analysts note Beijing retains leverage over key supply chains and point to the November concessions on rare earths as an example. They caution that any energy pledges could be limited on paper if China preserves the flexibility to source fuel from other suppliers based on price and logistics.

Market participants said the outcome will be measured by actual shipments. The immediate market question is whether announced commitments in Beijing lead to higher import volumes in the months after the summit.