China has bought only a third of US goods required by trade deal – Bloomberg
|China has fallen well short of its two-year targets agreed to in its trade deal with the US, as the world’s second-largest economy bought only about a third of the goods, Bloomberg reports, analyzing the official Chinese trade data.
Additional details
Total purchases of US agricultural, manufactured, and energy goods were $123 billion in the 14 months since the trade deal was signed in January 2020. That was 32.6% of the target of $378 billion for 2020-21.
It’s unclear if China will face any repercussions from the U.S. for failing to meet its goals.
Market reaction
With the tensions growing between China and the Western world, the trade concerns could only aggravate the markets’ nervousness.
The S&P 500 futures, the risk barometer, trade on the defensive below 3,900 while AUD/USD attacks 0.7600 after Tuesday’s crash.
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