Trump’s trade targets crumble with China’s purchases behind schedule

Ags - Grains/Beans 240 Ags - Meat/Dairy 195 China 2567 Cons. Discr. - Autos 936 Consumer Staples 602 Energy - Conventional 378 Energy - Natural Gas 123 Health Care 248 Industrials - Capital Goods 456 Tariffs 1633 Trade Balance 860 Trade Deals 894 U.S. 4559

U.S. trade activity continued to decline in July with goods and services combined contracting by 15.3% year over year, an 11th straight decline. With exports down by 20.1% and imports having declined by 11.4% the trade deficit surged to $63.6 billion, its highest since June 2008. Cutting the deficit has been a key policy objective for the Trump administration. While COVID-19 has clearly played a part, it is clear that a shortfall in purchase commitments made by China under the two countries’ phase 1 trade deal have also not helped. Chinese purchases of the 548 products covered by the pha...

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