Last Updated on 17/10/2021 by Sanskriti
Despite an increase in total Chinese imports from the United States, China’s purchases of American goods continue to fall short of trade agreement standards.
China pledged to buy at least $200 billion more in US products and services over the following two years in January 2020, before the coronavirus epidemic and under previous US President Donald Trump. The purchasing agreement, known as the phase one trade pact, comprised specified agriculture, energy, and manufactured items.
As per estimations from Peterson Institute senior scholar Chad P. As of June, both Chinese and US official statistics suggested that China had purchased less than 70% of the year-to-date objective.
According to US figures provided by Bown, agriculture imports came the closest to achieving agreed levels again, at 90 percent of the objective.
According to Chinese customs statistics, the gap has arisen as commerce between the two nations has increased.
China’s imports increased to 55.5 percent from the time in 2020 and almost 49.3% from the same period in 2019 and from the United States were $87.94 billion in the first half of the year. Meanwhile, in the first half of 2021, China shipped $252.86 billion in products to the United States, increasing 42.6 percent from the same time in 2020 and 26.8% from the first half of 2019.
As a consequence, despite rising trade tensions under Trump’s administration, the United States remains China’s top trading partner on a country-by-country basis.