From Energy Exports to Defence Deals, the US is Profiting from the War in Ukraine
News 18Sanctions on Russia are proving costly, more so for the US’ allies and partners than its adversaries and itself. Exporting Energy With the cancellation of Nordstream 2 and a stated intent by Europe to reduce dependence on Russian gas in the long run, an energy-surplus US has found a new and lucrative export market. Ralph Acaba, CEO of Raytheon, one of the top US missile manufacturers summed up the surge in sales when he said, “Europe is really big for us now, and that’s a big change in just the last few years and even the last 18 months.” Arming NATO allies beyond Europe is also priority, and Washington is keen to sell 40 F-16s to Turkey and upgrade 80 existing warplanes for $6 billion. To partly achieve this goal, the US Trade Representative’s office in March waived Trump-era tariffs ranging between 7.5% and 25% on Chinese goods worth over $300 billion. Given that the production of aluminium, steel, batteries, chemicals, plastics and consumer durables is highly energy intensive, and that China imports vast quantities of Russian oil, gas, coal and metals to produce these goods, the US is a second order beneficiary of China not abiding by the sanctions.
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