From January 2020 to October 2021, China‘s total imports of Phase 1 covered products from the United States were $ 208.3 billion, compared with the phase one target of $ 334.8 billion.
According to US statistics, this amount represents 62% of the commitments made by the Chinese government.
At the same time, considering Chinese government figures, US exports to China of the covered products were $ 186.2 billion, compared to the Phase 1 target of $ 310.8 billion.
This equates to 60% of the Phase 1 goal.
After three years after the Trump Administration announced that it would seek a new and more aggressive approach to the United States’ engagement with China to condemn the country’s unfair trade practices and restore balance in the bilateral trade relationship, tensions have spread further. beyond trade to encompass a range of geopolitical and human rights issues, ECLAC said in a report.
In early October 2021, the Biden Administration announced that after careful consideration, the focus of the strategy with respect to China would be to enforce the Phase 1 Agreement, while strengthening the United States’ stance by working with allies on targeted advocacy to the market, rules based on international trade, national investment in infrastructure, and innovation to enhance the United States’ competitive advantage in international markets.
The Agreement was signed on January 15, 2020, after two years of mounting tensions between the two largest economies in the world.
Then, on February 14, 2020, it came into force.
For covered agricultural products, China pledged to make additional purchases of $ 32 billion combined during 2020 and 2021 above 2017 levels, implying a two-year commitment of $ 80.1 billion (Chinese imports) and $ 73.9 billion ( US exports).
From January 2020 to October 2021, China’s covered agricultural product imports from the United States were $ 52.5 billion, compared to a target of $ 68.9 billion.
During the same period, US exports to China of covered agricultural products were $ 52.2 billion, compared with a target of $ 63.2 billion.
From January 2020 to October 2021, China’s purchases of covered agricultural products reached 76% (Chinese imports) or 83% (US exports) of the Phase 1 target.