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U OF ILLINOIS ECONOMIST REPORTS CHINA'S 2020 PHASE ONE AG PURCHASES WELL BELOW TARGET
Jan. 26, 2021
Source: blog by Keith Good, University of Illinois
To view the complete report, click here.
Late last week, Aime Williams and Justin Jacobs reported at The Financial Times Online that, "China has purchased less than three-fifths of the US goods projected under the 'phase one' trade deal that paused a tariff dispute between the two countries a year ago, posing another challenge for the administration of Joe Biden in its relations with Beijing."
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| “Chinese purchases of US exports fall far behind trade deal pledge,” by Aime Williams and Justin Jacobs. The Financial Times (January 21, 2021). |
"Chinese purchases of US exports fall far behind trade deal pledge," by Aime Williams and Justin Jacobs. The Financial Times (January 21, 2021).
The FT writers indicated that, "According to analysis from the Peterson Institute for International Economics, Beijing has purchased just 58 per cent of the US exports expected under its projections, based on data to the end of last month."
Looking ahead, Bloomberg News reported last week that, "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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| “China Failed to Meet U.S. Trade Deal Target in 2020 Amid Pandemic,” Bloomberg News (January 21, 2021).
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Meanwhile, Lingling Wei and Bob Davis reported in Saturday's Wall Street Journal that, "Looking to reset the troubled U.S.-China relationship, Beijing is pressing for a meeting of its top diplomat with senior aides to President Biden to explore a summit between the two nations' leaders, according to people with knowledge of the initiative."
The Journal article also stated that, "It isn't clear whether Mr. Biden's choice for U.S. Trade Representative, Katherine Tai, will push for enforcement of the Phase One deal or press for a new round of negotiations."
In more narrow reporting regarding agricultural purchases, Reuters writers Hallie Gu and Dominique Patton reported last week that, "China's soybean imports from the United States in 2020 rose by 52.8% from a year earlier, customs data showed on Wednesday, though the stepped up buying likely fell short of what was needed to fulfil last year's trade deal between the countries.
"The world's top soybean buyer last year brought in 25.89 million tonnes of the oilseed from the U.S., its second-largest supplier, up from 16.94 million tonnes in 2019."
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