NEW YORK (AFP) – Seven months after the United States (US) and China signed a preliminary agreement to temper their trade war, Beijing’s purchases of US agricultural goods have yet to reach the deal’s target.
As President Donald Trump readies for a tough re-election battle in November, US media reported the two sides are set to meet beginning August 15 to discuss the deal, which calls for China to sharply increase buying American goods and services this year and next.
But according to data compiled by the Peterson Institute for International Economics (PIIE), Chinese agricultural purchases at the end of June were far from where they should be at this point in the year.
They had reached only 39 per cent of their semi-annual target, according to US figures, or 48 per cent, based on Chinese figures.
“If we get back to what the level of trade was in 2017, we’ll be lucky,” said Chad Bown, a PIIE senior fellow who authored the study, referring to the year before the trade war began.
Under the deal’s terms, China agreed to increase agricultural imports worth USD32 billion over the next two years from 2017 levels.