Reproduced from Peterson Institute for International Economics; Chart: Axios Visuals

To satisfy the conditions of the phase one U.S.-China trade deal, China is expected to purchase at least $200 billion more in U.S. exports combined in 2020 and 2021. Data shows that as of July they are more than 50% behind the pace of expected purchases.

By the numbers: So far, China's purchase of covered products was $39.3 billion, compared with a year-to-date target of $83.2 billion, Chad Bown, a fellow at the Peterson Institute for International Economics, notes.

  • Through July, Chinese imports of all uncovered products from the U.S. were actually 28% lower than over the same period in 2017.

Driving the news: Following a videoconference between senior U.S. and Chinese officials on Monday, both sides said they were committed to carrying out the deal.

  • More importantly, no adjustments or plans for China to realistically meet the targets were announced despite the severe disruption to its economy as a result of the coronavirus pandemic.

Why it matters: With tariffs still in place on most Chinese exports to the U.S. and on many Chinese imports from the U.S., businesses and consumers are still paying the trade wars costs, but are seeing less than half of the purported benefits from the conflict's lone agreement.

  • In particular, American farmers, who have suffered greatly from the trade war, were anticipating a boost from the increased Chinese purchases after retaliation from Beijing caused a severe decline in commodity prices and exports last year.

Yes, but: Earlier this month the Department of Agriculture reported the sale of 126,000 tonnes of soybeans to China, the eighth consecutive weekday with large sales to Chinese buyers.

  • And U.S. oil traders, shipbrokers and Chinese importers reportedly told Reuters that Chinese state-owned oil firms have plans to carry at least 20 million barrels of U.S. crude for August and September.

Between the lines: As Axios' Bethany Allen-Ebrahimian wrote last week, trade is the last major area where the U.S. is still relying on traditional diplomacy with China, as President Trump has ratcheted up measures targeting China heading into the November presidential election.

Go deeper

Biden calls Russia an "opponent," sees China as a "serious competitor"

Joe Biden at a CNN town hall in Scranton, Pennsylvania. Photo courtesy of CNN.

Joe Biden described Russia as an "opponent" of the U.S. at a CNN town hall on Thursday, while identifying China as a "serious competitor."

Flashback: The former vice president opened himself to attacks early in his campaign last year when he said China was "not competition" for the U.S. — a comment that drew criticism from both Democrats and Republicans, per Axios' Jonathan Swan.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.