How Well Is China Honoring Its Trade Deal With Trump?
With only four months to go, China is less than a third of the way towards meeting its commitments.
Hopelessly Behind
The PIIE US-China Phase 1 Tracker shows China is hopelessly behind commitments made to Trump for 2020.
Phase-1 Tracker by Category
(Click on image to enlarge)
Trump told workers this week that China was “living up to” his trade deal. But Trump got played by China and broke his promise to American workers — China is on pace to purchase less than half of what Trump promised it would. https://t.co/zTG1TQlpEa
— DNC War Room (@DNCWarRoom) September 26, 2020
In case you forgot, here are a few reminders of Trump's trade claims.
Trade Wars are Good and Easy to Win
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Trade War With the EU
"We'll not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk. EU will react firmly.
— European Commission 🇪🇺 (@EU_Commission) March 1, 2018
We'll bring forward in the next few days a proposal for WTO-compatible countermeasures against US to rebalance situation" https://t.co/TVqR10uioI pic.twitter.com/WrWm4gC0Md
Don't Trade, We Win Big
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Can't Lose
When you’re already $500 Billion DOWN, you can’t lose!
— Donald J. Trump (@realDonaldTrump) April 4, 2018
Think What Happens When I Win
We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year),16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot....
— Donald J. Trump (@realDonaldTrump) September 3, 2019
Love Collecting Big Tariffs
I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win - in which case they would continue to rip-off the USA for $500 Billion a year....
— Donald J. Trump (@realDonaldTrump) May 11, 2019
Trump remains totally clueless on trade.
"Big Tariffs" are a tax on US consumers and importers of goods.
US Trade Deficit in Goods Swells to a Whopping $82.9 Billion
Meanwhile, please note US Trade Deficit in Goods Swells to a Whopping $82.9 Billion
Trade Deficit in Goods and Services
Promises Promises
Trump pledged to shrink the budget deficit and the trade deficit.
How is he doing?
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