It was only two years ago that former President Trump struck a mega trade deal with China, containing commitments by the Chinese to purchase vast sums of American exports. So how's it going?
The big picture: U.S. exports to China have only been 57% of what was pledged as part of the deal, below levels before the trade war even began, according to calculations by Chad Bown of the Peterson Institute for International Economics.
By the numbers: Bown finds
- Under the deal, China was to buy $274.5 billion in American goods and services covered by the deal in 2021.
- The actual number: $154.5 billion.
The bottom line: "President Trump's trade war and phase one agreement did little to change China's economic policymaking," Brown writes.
Editor's note: This article was originally published on Feb. 10th as part of the Axios Capital newsletter. Sign up here.