Create a free Feed & Grain account to continue reading

U.S. Exports to China Fell in December

December trade data shows massive shortfall in China's Phase 1 purchases

Cargo container ship port VIA PIXABAY feb 2021

U.S. goods exports to China fell in December, cementing a massive shortfall in Beijing's two-year purchase commitments under the "Phase 1" trade deal negotiated by former President Trump's administration, reports Reuters.

The U.S. Census Bureau said on Tuesday that the United States' 2021 goods trade deficit with China rose by $45 billion, or 14.5%, to $355.3 billion, the largest since a 2018 record of $418.2 billion.

The data showed China by far missed its commitments to purchase an additional $200 billion worth of U.S. farm and manufactured goods, energy and services above 2017 levels -- the year before a bitter trade war embroiled the world's two largest economies.

The purchase commitments were the centerpiece of Trump's Phase 1 trade deal with China, which launched in mid-February 2020 and halted a threatened escalation of tariffs.

An analysis of final 2021 Census trade data compiled by economist Chad Bown of the Peterson Institute for International Economics showed China met just 57% of its full two-year goods and services targets.

Page 1 of 284
Next Page