WASHINGTON, DC – What is the value of the Phase One Trade Agreement that the United States and China implemented almost 18 months ago?
According to the Peterson Institute for International Economics, through the month of June, China has imported $68 billion from the U.S., which is roughly two-thirds of the agreed-to target of $99 billion.
As for agriculture, China committed to an additional $19.5 billion above the 2017 levels for this year alone, implying an annual commitment of almost $44 billion. So far, the Chinese have purchased $20.9 billion of a projected $24.1 billion, equal to 87 percent of the target.
The Phase One Economic and Trade Agreement between the two nations, was negotiated whereby China agreed to expand purchases of certain US goods and services by a combined $200 billion for the two-year period January 1, 2020, through December 31, 2021, above the 2017 baseline levels. The agreement will officially come to an end on February 14, 2022.
(SOURCE: All Ag News)