China is lagging significantly behind goals for purchasing American products that were set in a historic trade agreement this year.
Beijing has bought $39.3 billion through June, according to U.S. export data. Meanwhile, Chinese import figures -- garnered from the country's customs offices -- show $48.5 billion of purchases.
To meet the skinny trade deal’s requirements, China’s imports must reach at least $172.7 billion or U.S. exports must top $142.7 billion. The pact signed in January allowed either figure to be used in determining compliance.
“Through the first seven months of 2020, China’s purchases of all covered products were thus only at 47 percent (U.S. exports) or 48 percent (Chinese imports) of their year-to-date targets,” wrote Chad Brown, Reginald Jones Senior Fellow at the Peterson Institute for International Economics.
Source:
Fox Business
