This confused even his own party allies, such as finance committee chairman Lloyd Bentsen, who assumed that a newly elected Republican president who hailed from the Eastern establishment would be permitted a cap gains rate cut as a matter of course.

FORBES: Decision Points: George H. W. Bush Edition

In exchange, the Chinese oil firm signed a letter of intent with BP Amoco calling for the establishment of a gas-marketing joint venture in eastern China.

CENTERFORSECURITYPOLICY: Center For Security Policy