Us China Trade Agreement

7. See US Trade Representative and US Department of Agriculture, Interim Report on the Economic and Trade Agreement between the United States of America and the People`s Republic of China: Agriculture Trade, October 23, 2020. This report contains data on projected U.S. exports – not actual U.S. exports under the legal text of the trade agreement – based on weekly sales data for certain agricultural products reported to the Department of Agriculture. Energy accounted for only 8% of the total assets covered by the first phase`s purchase obligations, but its objectives were particularly questionable. Bloomberg reported that it was only after the signing of the agreement that the government learned from U.S. industry that it did not lack production capacity to meet the targets.10 In addition, the assessment of U.S.-China trade relations on the basis of a significant expansion of fossil fuel exports – whose targets include only crude oil , liquid natural gas, coal and refined products – ignores global concerns about climate change. Data Sharing Notice: This update is based on data of 25 November 2020 published on 25 November 2020 for Chinese and US exports – provisional data on US exports to China, which are monitored under the agreement, are now published before the full release scheduled for 7 December 2020.

The next update will be based on data from November 2020, which will be published on December 25, 2020 (Chinese imports) and December 23, 2020 (U.S. exports). Provisional U.S. export data for October were zero for aircraft (harmonized customs plan 8800 and 8802); All revisions to the data will be included in a review that was published on December 7. Chinese customs reported that imports of Chinese aircraft (8802) were only $506 million in October. U.S. sales of cars, trucks and parts also fell to just 33 percent of the previous target. Before the trade war, China was the second largest export market for U.S.

vehicles. In July 2018, China returned the favor against Trump`s tariffs with a 25% tariff on U.S. cars. U.S. exports then fell by more than a third due to the relocation of production for Chinese consumers to other sites and the non-recovery of U.S. exports since then. Tesla, for example, announced in late 2018 that it would accelerate construction of a new plant in Shanghai and relocate U.S. production to Chinese consumers. The company stressed that Trump`s tariffs on auto parts and China`s retaliatory measures against finished cars had not made U.S. exports to China competitive.