China is severely lagging behind purchase commitments laid out in phase one trade agreement with the US.
The Peterson Institute for International Economics' (PIIE) trade tracker of China's monthly purchases of US goods covered by the deal through June reveals purchase levels were only at 47% of year-to-date targets.
According to the agreement, China would purchase goods and services by a combined $200 billion over 2020 and 2021 from 2017 levels. This PIIE Chart below tracks China's monthly purchases from July show China hasn't bought enough American goods.
China's year-to-date total imports of covered products from the US are around $40.2 billion, compared with a prorated year-to-date target of $86.3 billion. This means China is behind $46.1 billion in purchases.
As a result of Beijing's inability to uphold the flimsy trade agreement, President Trump recently said he's not focused on the next phase of the trade deal, otherwise known as "Phase Two."
Since the coronavirus pandemic, bilateral relations between both superpowers have been severely damaged. President Trump routinely blames China for releasing the "plague" that has crashed the US economy. The status of the trade deal agreement appears to be a dud ahead of the US presidential election.
Even before the phase one deal was signed, in early January, we warned: "Why The "Phase One" Trade Deal Is Impossible, In One Chart."