Posted on 01/22/2021 4:20:46 PM PST by E. Pluribus Unum
WASHINGTON—China has fallen short on meeting its pledges in the “phase one” trade agreement signed last year and the Biden administration will soon commence a review of the deal to determine a proper policy response.
Treasury Secretary nominee Janet Yellen said there would be no immediate moves to lift punitive tariffs on Chinese imports that were imposed by the Trump administration.
“We are closely monitoring China’s adherence to all of its Phase One commitments, including both the purchase commitments and structural commitments,” she said on Jan. 21, in a written response to questions from the Senate Finance Committee following her confirmation hearing this week.
The phase one trade deal signed in January last year requires Beijing to buy $200 billion worth of additional U.S. goods and services over 2020 and 2021 from 2017 levels.
Analysis of Chinese trade data by the Peterson Institute for International Economics (PIIE) showed that China has met about 58 percent of its purchase target of all U.S. goods covered by the phase one trade deal.
“Through December 2020, China’s total imports of covered products from the United States were $100.0 billion, compared with the target of $173.1 billion,” the PIIE stated in its report.
China met only 64 percent of its purchase commitment for U.S. farm goods, 60 percent for manufactured products, and 39 percent for energy products, according to the report.
U.S. farm exports have been crucial for the phase one deal, as China was the largest export market for U.S. agriculture in 2017 before the trade war began. And U.S. farmers were particularly hard hit by Beijing’s retaliatory tariffs.
(Excerpt) Read more at theepochtimes.com ...
Joe Biden will make sure that Red China gets what ever it wants.
I am telling you that I got a strange feeling last year when I first heard China signed that deal. It seemed like it came out of the blue. I wonder if they signed it and said ‘Take this.’ with what was to follow for us.
They never intended to adhere to the deal it was just Trump’s way to get his failed trade policy off the front burner during the campaign.
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