It was only two years ago that former President Trump struck a mega trade deal with China, containing commitments by the Chinese to purchase vast sums of American exports. So how's it going?
Not great, according to calculations by Chad Bown of the Peterson Institute for International Economics.
By the numbers: Bown finds U.S. exports to China since then have only been 57% of what was pledged as part of the deal, and below levels before the trade war even began....
- Under the deal, China was to buy $274.5 billion in American goods and services covered by the deal in 2021. The actual number: $154.5 billion.
- Ultimately, Bown writes, "President Trump's trade war and phase one agreement did little to change China's economic policymaking."