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China Has $139 Billion Mountain to Climb to Meet U.S. Trade Deal

  • Purchases increased in May, with meat, aircraft orders upbeat
  • Energy purchases only 3% of where they need to be to meet goal
Updated on

China’s purchases of U.S. goods increased last month as the economy continued its recovery from the coronavirus shutdowns, but imports are still far behind the pace needed to meet the terms of the ‘phase one’ trade deal.

By the end of May this year, China had only bought about 19% of the total purchase target of more than $170 billion for goods in 2020, according to Bloomberg calculations based on Customs Administration data. That means China needs to buy about $139 billion in the remainder of the year to meet the terms of the agreement signed in January.