2. On July 6, 2018, the Trump administration imposed its first tariffs on $34 billion worth of Chinese goods. China returned the favour at the same time. The two countries have imposed tariffs until September 2019, together covering more than $450 billion in bilateral trade. The January 2020 agreement applies to U.S. exports of goods and services. Because detailed data on high-frequency trade for services are not available, these commitments are not assessed here. The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years.
It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. Despite a recent Report by the Trump administration, which suggests another thing, U.S. agricultural exports to China have yet to meet commitments made in the first phase.7 Although better than manufacturing, it was not until September that agricultural exports returned to their pre-market level (Figure 3). In September, they were only 66% of their seasonally adjusted targets. In other words, China will have to import 62% of the total agricultural commitment in October, November and December if it is to meet the 2020 target. For both U.S. export data and Chinese import data, the 2020 supplementary trade targets (in addition to the initial 2017 value) are $12.5 billion (agriculture), $32.9 billion (industrial products) and $18.5 billion (energy).
These objectives are contained in Appendix 6.1 of the agreement. 7. See US Trade Representative and US Department of Agriculture, Interim Report on the Economic and Trade Agreement between the United States of America and the People`s Republic of China: Agriculture Trade, October 23, 2020.