The following is from an op-ed in Business Times (https://www.businesstimes.com.sg/)
US PRESIDENT Donald Trump has an unconcealed hunger for natural resources abroad and the power they could grant him. Chinese technology companies are paving the way for a world that will be powered by electric motors rather than gas-guzzling engines. It is a decisively 21st-century approach not just to solve its own energy problems, but also to sell batteries and other electric products to everyone else.
Canada is its newest buyer of electric vehicles (EVs); in a rebuke of Trump, its prime minister, Mark Carney, lowered tariffs on the cars as part of a new trade deal.
He declared that the United States intervened in Venezuela to “take the oil”, betting that investors would put up at least US$100 billion to revive a decrepit industry. His gamble is that countries will still want to buy oil from America to power their cars, trucks, ships and planes for decades to come.
Though China is the world’s largest oil importer, its leader, Xi Jinping, is less brash about coveting foreign resources. The country’s leadership is pushing intensively at substituting electricity for oil.
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