July 1, 2021 Read More →

U.S. liquefied natural gas exports face risks in emerging Asian markets

Bloomberg

In 2019, as the Trump administration ramped up its trade war with China, it began to target Vietnam, which has a significant trade surplus with the U.S. American officials at the time thought Vietnam could begin righting that by buying U.S. liquefied natural gas and by contracting with U.S. companies to build the power plants, terminals, and pipelines to transform LNG into electricity. The administration, which had called the gas “molecules of U.S. freedom,” pushed new spending initiatives, sent trade missions to Vietnam, and funded research to boost sales of LNG to Vietnam, in part to counter China’s influence in the region by strengthening its alliances and trade presence.

U.S. exports of LNG grew 31% in 2020 from the previous year, and Asia became the primary destination, overtaking Europe. U.S. LNG exports to Asia increased 67% in 2020, with South Korea and Japan the largest buyers, followed by China.

[Sheridan Prasso] 

More: The U.S. Risks Losing Out From Its Own Trade Push in Vietnam 

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