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China fails to meet U.S. trade deal target in 2020
Bloomberg reports that China failed to meet its 2020 trade deal targets with the U.S. in a year marked by pandemic-related disruptions and an increasingly tense relationship with the Trump administration.
By the end of December, China had purchased about 58.1% of the $172 billion worth of goods it pledged to buy last year under the “phase one” agreement with Washington. It bought 60.4% of targeted manufactured products and 64.4% of agricultural goods, but lagged behind on energy, importing just 39% of the target.
It’s no surprise that the annual target wasn’t met, since the monthly data had shown China was well behind on its purchase commitments all year.
Under the agreement signed in January last year, China promised to buy an additional $200 billion of U.S. goods and services over the 2017 level by the end of 2021. As the pact enters its second year, all eyes are on whether a new U.S. administration under President Joe Biden will try to renegotiate the deal.
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