The trade tensions between the world’s two biggest economic powers didn’t start under Trump, but he did broaden the fight. The tougher approach, according to the scorecard that follows, didn’t go as he hoped (Bloomberg)
The deficit did fall year-on-year in 2019, as U.S. companies switched to imports from countries like Vietnam, but it remained higher than the $254 billion gap in 2016. That was partly because Beijing’s imposition of retaliatory tariffs on about $110 billion in goods reduced its imports of American products, and these only started recovering in the last few months of 2020.
As part of the phase-one trade deal signed a year ago, Beijing made an ambitious vow to import $172 billion worth of U.S. goods in specific categories in 2020, but through the end of November it had bought just 51% of that goal. The slump in energy prices amid the pandemic and the problems with Boeing Co.’s planes played a part in that failure.