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The newly inked "phase one" U.S.-China trade deal calls for China to boost purchases of U.S. energy products — including crude oil and liquified natural gas (LNG) — by $52.4 billion over the next two years.

Why it matters: China is the world's largest oil importer and second-largest LNG consumer.

But, but, but: S&P Global Platts notes that it "could spur more commercial activity for American liquefaction projects, but much will depend on the fate of existing LNG tariffs."

  • They note that no U.S. LNG cargoes have gone to China since March.

The big picture: "Most of the purchases China committed to making are in 2021, so any recurrence of tensions could undercut the deal," the New York Times reports.

  • "More important, executives noted, China made no explicit pledge to eliminate tariffs on energy imports — 5 percent on crude oil and 25 percent on liquefied natural gas — which they viewed as a response to the administration’s refusal to remove tariffs on Chinese goods."

Go deeper:

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
15 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.