NY Post "President Trump’s in a tough spot. Saudi Arabia is crucial to his economic and foreign-policy platforms. So, he’s trying to hold the US-Saudi alliance together while Riyadh takes a lashing from Congress. And it’s getting harder now that Treasury Secretary Steven Mnuchin just pulled out of a high-profile investment conference in Saudi Arabia, signaling possible trade turbulence ahead.
"The importance of Saudi-US economic ties cannot be ignored. Riyadh is America’s main weapons buyer. Between 2013-2017, Saudi Arabia made up 18 percent of total US arms sales — about $9 billion worth — and then spent $5.5 billion last year alone.
"There’s more at stake now, even if it’s less than the $110 billion figure Trump touts. The Saudis inked a memorandum of intent to purchase about $100 billion in US arms over the next decade. So far, $14.5 billion has come through, according to the Pentagon. But these are sales American businesses don’t want to lose.
"Then there’s oil. The US imports 800,000 barrels a day of Saudi crude. Admittedly, this is 600,000 barrels below what we imported a decade ago — thanks to increased domestic production.
"But Saudi Arabia still sits on massive oil reserves, which means that in today’s global economy, the Saudis are key to keeping the prices steady and affordable worldwide.
"Oil therefore makes Saudi Arabia a key to Trump’s foreign policy. Trump re-imposed sanctions on Iran after exiting the controversial Iran nuclear deal last May.
"One round of sanctions has already been imposed, with another coming Nov. 4. The second round will include blocking Iranian oil from being sold worldwide, causing a shortfall in global supply. And Saudi Arabia, a bitter foe of Iran, has agreed to Trump’s request to boost production to keep oil prices stable." . . .
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