[appointment]

The US oil companies will export their oil to China (or Japan, South Korea and other major oil importers, in lieu of oil bought by China.)

[lmm]

At a minimum that will reduce the trade deficit.

[cbsmith]

Maybe? I wouldn't count on it. The US may be a net petro exporter, but it's about 1% of GDP. The other 99% are not going to do well with inflated energy prices. So exports might net go down.