THE trade deal signed in 2020 between china and the US failed to reduce the bilateral trade deficit, adding pressure on the Biden administration to deal with the unresolved economic problems, says Bloomberg.
In the two years since former President Donald Trump signed the deal in January 2020, China bought about US$237 billion of US agricultural, manufactured, and energy goods, 63 per cent of the goods it promised to buy, according to Bloomberg analysis of official Chinese data.
Although purchases by Chinese firms have improved from the weak levels in 2019 and early 2020, it was nowhere near enough to reach the targets. China has blamed the pandemic for that, as well as factors such as the problems with Boeing's 737 Max, which was decertified after fatal crashes.
At the same time, Americans' pandemic-stoked appetite for Chinese-made goods, including home electronics and bicycles, has pushed Chinese exports to a record high, undercutting the underlying aim of the deal to bring bilateral trade closer to balance.
SeaNews Turkey
In the two years since former President Donald Trump signed the deal in January 2020, China bought about US$237 billion of US agricultural, manufactured, and energy goods, 63 per cent of the goods it promised to buy, according to Bloomberg analysis of official Chinese data.
Although purchases by Chinese firms have improved from the weak levels in 2019 and early 2020, it was nowhere near enough to reach the targets. China has blamed the pandemic for that, as well as factors such as the problems with Boeing's 737 Max, which was decertified after fatal crashes.
At the same time, Americans' pandemic-stoked appetite for Chinese-made goods, including home electronics and bicycles, has pushed Chinese exports to a record high, undercutting the underlying aim of the deal to bring bilateral trade closer to balance.
SeaNews Turkey
