It may also be important to consider the difference between “exports” and “sales.” According to the report, beef exports increased by 118% compared to 2019. It goes on to note that “cumulative beef sales in China in 2020 were more than 25 times higher than in the same period in 2017. But sales are not necessarily the same as exports, because purchase obligations do not always pass. Here is an illustration of a recent Washington Post story: Over time, we will have a clearer picture of the real increase in U.S. exports of industrial goods, agriculture, energy and services to China. But for now, it does not appear that the figures are in line with what was promised in the first phase. The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation.
The United States has agreed to substantially amend its customs measures in accordance with Section 301. We are taking an important step – which has never been done before with China – toward a future of fair and reciprocal trade, as we sign the first phase of the historic U.S.-China trade agreement. Together, we are correcting the injustices of the past and creating a future of economic justice and security for American workers, farmers and families. Despite a recent Report by the Trump administration, which suggests otherwise, U.S. agricultural exports to China have yet to meet Phase 1 commitments. Although better than manufacturing, it was not until September that agricultural exports returned to their pre-trade levels. . . . In September, they were only 65% of their seasonally adjusted targets. “This China-phase-one agreement is proof that President Trump`s negotiating strategy is working. While It took China a long time to recognize that President Trump was serious, the deal is a great success for the economy as a whole.