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Report: U.S.-China pipeline deal could be big for U.S. jobs

President Donald Trump meets with Chinese President Xi Jinping at the G20 Summit. Photo: Evan Vucci / AP

President Trump is negotiating with China Petroleum & Chemical Corp. on a multibillion-dollar energy investment that "would bring thousands of new jobs to hurricane-ravaged areas in Texas and the U.S. Virgin Islands," per a Bloomberg report.

Why it matters: Per Bloomberg, the deal "may provide a political boost" to Trump, who spoke frequently about bringing jobs and investments back to the U.S. While the deal still needs approval from U.S. and China, Bloomberg reports it would cut the trade deficit between the U.S. and China by $10 billion annually. Trump is expected to travel to China November 8-10 with representatives from around 40 different companies to "sign deals for billions of dollars in U.S. investments, per Bloomberg.