How Well Is The US Doing On Trump's Deal With China?

 

Trade stats are available through September. China isn't close to honoring its commitments.

PIIE Charts

China Imports by Product Type 2020-09

The PIIE Charts, originally published on May 18, 2020, track China’s monthly purchases of US goods covered by the phase one deal between the United States and China.

  • Through September 2020, China's year-to-date total imports of covered products from the United States were $65.9 billion, compared with a prorated year-to-date target of $124.9 billion. 
  • Over the same period, US exports to China of covered products were $59.1 billion, compared with a year-to-date target of $109.0 billion. 
  • Through the first nine months of 2020, China's purchases of all covered products were thus only at 54 percent (US exports) or 53 percent (Chinese imports) of their year-to-date targets.

What an Amazing Deal 

What a deal, and we still have a mountain of tariffs too, hurting all the manufacturers that import goods.

Tax Foundation Tariff Tracker

The Tax Foundation Tariff Tracker has these interesting stats through September.

  • According to the Tax Foundation model, the tariffs imposed so far by the Trump administration would reduce long-run GDP by 0.23 percent ($58.02 billion) and wages by 0.15 percent and eliminate 179,800 full-time equivalent jobs.
  • The tariffs are equivalent to one of the largest tax increases in decades (the 17th largest tax increase as a share of GDP since 1940).
  • The administration’s outstanding threats to impose additional tariffs would if acted upon, further reduce GDP by 0.24 percent, wages by 0.17 percent, and employment by [another] 184,200 full-time equivalent jobs.
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Disclaimer: The content on Mish's Global Economic Trend Analysis site is provided as general information only and should not be taken as investment advice. All site content, including ...

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