1/ 🧵
On Mon. October 4, USTR Katherine Tai will give a speech to "lay out initial steps of the Biden Administration’s approach to realign the bilateral trade relationship with China."
Here are DATA summarizing the current US-China trade relationship...
On Mon. October 4, USTR Katherine Tai will give a speech to "lay out initial steps of the Biden Administration’s approach to realign the bilateral trade relationship with China."
Here are DATA summarizing the current US-China trade relationship...
https://twitter.com/USTRSpox/status/1443731218596519941?s=20
2/
Average US tariffs on imports from China remain elevated at 19.3%, more than six times higher than before the trade war began in 2018.
Average Chinese tariffs on imports from the United States also remain elevated at an average of 20.7%, up from 8%.
Average US tariffs on imports from China remain elevated at 19.3%, more than six times higher than before the trade war began in 2018.
Average Chinese tariffs on imports from the United States also remain elevated at an average of 20.7%, up from 8%.
3/
Due to the trade war, US tariffs now cover around $335 billion, or 66.4%, of Chinese exports to the United States (when matched to 2017 data).
China’s retaliatory tariffs continue to cover $90 billion, or 58.3%, of US exports to China.
Due to the trade war, US tariffs now cover around $335 billion, or 66.4%, of Chinese exports to the United States (when matched to 2017 data).
China’s retaliatory tariffs continue to cover $90 billion, or 58.3%, of US exports to China.
4/
Under the "historic" Phase One agreement that President Trump signed with China in January 2020, China committed to import an additional $200 billion of US goods and services over 2020 and 2021.
China's purchases are not close to those legal commitments.
Under the "historic" Phase One agreement that President Trump signed with China in January 2020, China committed to import an additional $200 billion of US goods and services over 2020 and 2021.
China's purchases are not close to those legal commitments.
5/
In 2020, China came up more than 40% short of reaching the annual legal commitment.
(It reached 59% of the commitment using US export statistics, and only 58% of the commitment using Chinese import statistics. The legal text says to evaluate relying on both trade statistics)
In 2020, China came up more than 40% short of reaching the annual legal commitment.
(It reached 59% of the commitment using US export statistics, and only 58% of the commitment using Chinese import statistics. The legal text says to evaluate relying on both trade statistics)
6/
Why did China not reach 2020 commitments? Product-specific stories:
Some - semiconductors, COVID-19 related medical supplies, pork, corn, cotton, wheat - did well 😀
Others - aircraft, autos, energy, soybeans, sorghum, lobster, other ag - did not ☹️
piie.com/blogs/trade-an…
Why did China not reach 2020 commitments? Product-specific stories:
Some - semiconductors, COVID-19 related medical supplies, pork, corn, cotton, wheat - did well 😀
Others - aircraft, autos, energy, soybeans, sorghum, lobster, other ag - did not ☹️
piie.com/blogs/trade-an…
7/
Thus far through 2021, China is still coming up more than 30% short of reaching the year-to-date purchase targets.
(Latest data is through August 2021. So we are 5/6 of the way through the 2 year Phase One purchase commitments.)
Thus far through 2021, China is still coming up more than 30% short of reaching the year-to-date purchase targets.
(Latest data is through August 2021. So we are 5/6 of the way through the 2 year Phase One purchase commitments.)
8/
Through August 2021, China's purchases are still short of explicit year-to-date targets for each sector covered by the Phase One agreement:
• Agriculture: only 89% of target
• Manufacturing: only 61% of target
• Energy: only 42% of target
Source: piie.com/research/piie-…
Through August 2021, China's purchases are still short of explicit year-to-date targets for each sector covered by the Phase One agreement:
• Agriculture: only 89% of target
• Manufacturing: only 61% of target
• Energy: only 42% of target
Source: piie.com/research/piie-…
9/
More on up-to-date tracking of China's purchases under the US-China Phase One agreement:
piie.com/research/piie-…
More on up-to-date tracking of China's purchases under the US-China Phase One agreement:
piie.com/research/piie-…
12/
And a paper telling the full story, all in one place.
See you Monday #TradeTwitter, after USTR's speech!
ENDS /
piie.com/publications/w…
And a paper telling the full story, all in one place.
See you Monday #TradeTwitter, after USTR's speech!
ENDS /
piie.com/publications/w…
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