As U.S. and China Reengage on Trade, China Remains Far Behind on Phase One Targets

Bloomberg writer Ailing Tan reported this week that, “China’s goods imports from the U.S. have only reached about 53% of the $200 billion worth of additional products and services it promised to buy under the trade deal signed last year, far behind its purchasing target.

“Beijing imported $11.7 billion worth of manufactured, agricultural and energy goods from the U.S. in September, according to Bloomberg calculations based on data from the country’s customs agency.”

Recall that earlier this month, the Biden administration begin defining its China trade policy, and U.S. Trade Representative Katherine Tai met virtually with Chinese Vice Premier Liu He as the executive branch kicked off its trade-policy engagement with China.

Meanwhile, China’s pork production this year has surged, and overall imports of soybeans and meat were down for the first nine months of 2021, compared to last year.

And Reuters News reported this week that, “The United States said on Wednesday that China’s industrial policies ‘skew the playing field’ against imported goods and services, as well as their foreign providers, and that Washington would pursue all means to secure reforms.

“Other ‘unfair trade practices‘ include preferential treatment for state enterprises, data restrictions, inadequate enforcement of intellectual property rights, and cyber theft, U.S. charge d’affaires David Bisbee told the World Trade Organization.”

With respect to trade perspective from China, a separate Reuters News article this week reported that, “China would welcome a move by the United States to lift tariffs on some Chinese goods, Shu Jueting, spokesperson for the Commerce Ministry, said on Thursday.

“China and the United States should work together to create conditions for implementation of phase one trade deal, Shu reiterated at a news conference.”