A large part of the phase one trade deal between China and the United States that entered into force almost one year ago was a “failure”, according to a new report, although “several elements are worth keeping and building upon”.

The US and China signed their long-awaited deal in January 2020, with the conditions of the agreement beginning one month later. As part of it, China committed to buying US$200 billion in additional goods and services over 2020-21 on top of 2017’s levels.
But a report released by the Peterson Institute for International Economics on Monday, US exports of phase one goods to China in 2020 fell more than 40 per cent short of the target.
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