China stiffed US on Trump Phase 1 trade agreement, failed to buy extra $200B in exports – By Peter Aitken (FOX Business) / February 13, 2022
The study cited the pandemic and Trump’s trade war as major impacts
China failed to increase its purchase U.S. goods despite an agreement with President Trump to grab an additional $200 billion of U.S. exports, a new study found.
Trump signed a “historic” deal with China in January 2020 which would see Beijing increase its imports by Dec. 31, 2021. A study from the Peterson Institute for International Economics examined the “Phase 1” agreement, which dictated that China would buy at least $227.9 billion of U.S. goods in 2020 and $274.5 billion in 2021, but the company hit only $288.8 billion over the two-year period instead.
China only achieved 57% of its promised purchases, which left it short of even its pre-pandemic levels and means China did not increase its imports from the U.S. at all. U.S. officials promised to continue pressing China to show “serious intent” to reach their purchase commitments but admitted the deal offered little leverage for enforcement, Reuters reported.
CONTINUE > https://www.foxbusiness.com/markets/china-stiffed-trump-trade-agreement-exports
