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China – U.S. Trade Agreement Is About To Expire, China Has Not Yet Fulfilled Its Commitments

On January 15, 2020, of Washington time, China and the United States signed the first phase of the trade agreement, which requires China to increase its imports from the United States by an additional 200 billion dollars in 2020 and 2021 on the basis of imports from the United States in 2017. The agreement will take effect for two full years at the beginning of next year. However, China has so far only fulfilled about 59% of its import commitments to the United States. The signing of the agreement at the beginning of 2020 was regarded by the international community as the beginning of the easing of relations between the two days. However, due to the outbreak of the epidemic, China's exports to the United States have not decreased but increased, and the bilateral trade imbalance has not changed. On the contrary, China’s trade surplus with the United States is expected to hit a record high this year; from January to November this year, China’s exports to the United States were 358 billion yuan higher than imports. The former US ambassador to China, Gary Locke, said earlier that unless there is a clear turn signal for action, that is, China is committed to tough economic and trade policies, he believes it will be difficult for the Biden administration to reduce or eliminate punitive tariffs.
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