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China Failed to Meet U.S. Trade Deal Target in 2020 Amid Pandemic

  • By December, China had bought less than 60% of purchase target
  • Uncertain if trade deal will be renegotiated under Biden
Views of the Yangshan Container Port Ahead of Trade Figures
Photographer: Qilai Shen/Bloomberg

China failed to meet its 2020 trade deal targets with the U.S. in a year marked by pandemic-related disruptions and an increasingly tense relationship with the Trump administration.

By the end of December, China had purchased about 58.1% of the $172 billion worth of goods it pledged to buy last year under the “phase one” agreement with Washington, according to Bloomberg calculations based on data from the country’s customs agency. It bought 60.4% of targeted manufactured products and 64.4% of agricultural goods, but lagged behind on energy, importing just 39% of the target.